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) 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) and ConocoPhillips ( COP) were gaining 0.7% and 1%, respectively.

In the oil services realm, Schlumberger ( SLB) and BJ Services ( BJS) 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.

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