Reuters reported that the prices of oil went up 80 cents as traders grew bullish on high U.S. stock markets.
As quoted in the market news:
The S&P 500 stock index rose by about 0.6 percent on Tuesday. U.S. equities indices are hovering near five-year highs on prospects for quicker economic recovery, healthy U.S. corporate earnings and a spate of large corporate mergers.
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