Oil rose to near $60 a barrel Tuesday as investors took heart from global stock market gains and more signs the U.S. recession is easing, according to The Associated Press.

Continued unrest in Nigeria's oil-rich south also supported prices.

Benchmark crude for June delivery was up 87 cents to $59.90 a barrel by midday in Europe in electronic trading on the New York Mercantile Exchange. Earlier in the session, prices peaked at $60.48. On Monday, the contract jumped $2.69 to settle at $59.03.