Oil Update: Crude Claws Above $60

After settling for a second straight day below $60, light crude was moving upward on Tuesday.

Benchmark crude for delivery in August rose 87 cents to $60.56 a barrel in electronic trading on the New York Mercantile Exchange. The contract dropped 20 cents on Monday to settle at $59.69.

The price of a barrel of crude fell on Monday despite an uptick in the markets and a weakening dollar. But reports Tuesday about economic growth in Asia have fueled the small crude rebound, with particular hopes about a Chinese economic rebound leading the way.

In oil stock news, many of the majors finished Monday in positive territory. Exxon Mobil(XOM Quote) finished up 0.9%, or 58 cents, at $65.70.

At the closing bell, Chevron(CVX Quote) and ConocoPhillips(COP Quote) were up 1.7% and 2.3%, respectively.

In the oil services realm, Schlumberger(SLB Quote) and BJ Services(BJS Quote) both gained on the day, finishing up 1% and 3.5%, respectively.

The Amex Oil Index also gained 2.1% on Monday.