The price of oil reached a fresh 18-month high on Tuesday on growing hopes of a US-led global economic recovery.
US light crude hit $87.09 a barrel in New York trading, before falling back slightly to $86.84.
Brent crude peaked at $86.63 a barrel - also an 18-month high - before falling to $86.15.
Investors have also signalled their confidence in the US economy with the strengthening of the dollar against both the pound and the euro.
THE RUN-UP IN PRICE WILL KILL THE RECOVERY.
WHAT'S THE ANSWER?
DRILLING EVERYWHERE AND OPENING NEW NUKE POWER PLANTS - NOT SHUTTING THEM DOWN.
VOTE THE FREAKIN' DEMOCRATS OUT OF CONGRESS!
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