Oil shot up more than $2 on Tuesday after touching two-and-a-half month highs as big money funds flooded commodity markets and consumers feared a row over Russia’s natural gas price to Ukraine could crimp European supplies.
U.S. crude closed up $2.06 to $63.10 a barrel after reaching $63.80, the highest level since mid-October and the biggest daily jump since mid-September. London Brent crude traded up $2.47 to $61.45 a barrel on Tuesday.