G20 optimism pushes oil prices higher

Oil prices are holding firm above the $50 a barrel threshold, as hopes that the global recession could be easing spread through the market following last week's G20 meeting in London. In the early afternoon on Tuesday, front-month Brent was trading at around $52/b in London, while the front-month contract for light sweet crude oil closed at $51.05/b in New York on Monday.