Oil prices soared above $87 today, hitting fresh 18-month highs on mounting optimism about a US-led global economic recovery.
New York's main contract, light sweet crude for delivery in May, spiked to $87.09 - the highest level since October 9, 2008. It later stood at $86.75, up 13 cents.
London's Brent North Sea crude for May rose 19 cents to $86.07, off a high of $86.63.
Oil rose sharply yesterday on a swathe of positive economic data that pointed to a building US economic recovery from the worst recession in decades.
Stronger than expected housing and service sector data followed improving employment figures on Friday, pushing up expectations of higher energy demand.
