Crude Prices Hit Six-Month High on Encouraging Consumer Confidence Data

Crude prices hit six-month high on Tuesday after a report showed that U.S. consumer confidence rose to the highest level since September.

The Conference Board, a New York-based research group, said Tuesday that U.S. consumer sentiment index surged in May to 54.9, more than forecast and its highest level since September, signaling a possibly stronger demand.

Meanwhile, Saudi Oil Minister Ali al-Naimi told press in Vienna Tuesday, that he hoped oil demand would recover in the second half of 2008, noting there was already a slight "uptick" in fuel consumption, which also supportive to the market.

Light, sweet crude for July delivery rose 78 cents, or 1.3 percent, to settle at 62.45 U.S. dollars a barrel on the New York Mercantile Exchange. London Brent for July settlement rose 1.03 dollars, or 1.7 percent, to settle at 61.24 dollars a barrel.