Oil Update: Crude Goes Above $61

(Updated with recent oil and stock moves.)

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

Benchmark crude for delivery in August rose 89 cents to $60.58 a barrel on the New York Mercantile Exchange. The contract dropped 20 cents on Monday to settle at $59.69.

Earlier, oil reached as high as $61.46 per barrel.

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 fueled a bounce in the early morning, with particular hopes about a Chinese economic rebound leading the way.

In oil stock news, many of the majors finished Monday in positive territory, and were gaining in the early going Tuesday. Exxon Mobil(XOM Quote) finished up 0.9%, or 58 cents, at $65.70. Today, shares were up 22 cents at $65.92.

After the opening bell this morning, Chevron(CVX Quote) and ConocoPhillips(COP Quote) were gaining 0.7% and 1%, respectively.

In the oil services realm, Schlumberger(SLB Quote) and BJ Services(BJS Quote) were both gaining this morning, up 2.2% and 1.1%, respectively.

The NYSE Arca Oil Index was up nearly 1% in the early going.