Oil prices rose today, pushed upwards by technical buying, but struggling to break above the narrow range that has persisted this month.
By 5pm US crude was 65 cents higher at $59.50. London Brent was 80 cents stronger at $58.78 a barrel.
Over the last seven months US oil prices have risen from a record $78.40 last July to a 20-month low of $49.90 in January when unusually mild weather and a speculative fund sell-off dragged the market lower.
Since then rising political tension involving Middle Eastern and African oil producers and reduced output from the Organisation of the Petroleum Exporting Countries have provided some support for prices.
But the market has repeatedly failed to break convincingly above $60 a barrel.
