Oil rises amid hopes for US economy

Oil prices rose to near $53 a barrel yesterday as investors sought to ride the momentum from a two-month rally in crude prices on expectations that the US recession may be bottoming out.

Benchmark crude for May delivery was up 42 cents to $52.93 a barrel by midday in Europe in electronic trading on the New York Mercantile Exchange. The contract fell 13 cents on Friday to settle at $52.51.

In London, Brent prices rose 38 cents to $53.85 a barrel on the ICE Futures exchange.