U.S. crude rose $1.75 to $61.85 a barrel by 1:57 p.m. EDT (1757 GMT) after hitting a six-month high of $62.14. London Brent traded up $1.52 to $60.44 a barrel.

Crude oil prices have fallen towards $115 a barrel today following an agreement by the Nigerian oil union to return to work.

“As opposed to dollar speculators,” says Doug Casey, “oil traders took the gloomy economic news for what it was, gloomy.”

“Further, ‘prices are correcting from yesterday’s record high of $120 per barrel as BP Plc prepares to restart its Forties pipeline after a two-day shutdown,’ said analysts at Action Economics. The 700,000 barrel-a-day crude oil pipeline system in the North Sea should be back on line within a few days.”