SINGAPORE (Bloomberg) -- Crude oil rose to the highest in six months in New York as gains in the stock market increased optimism that the global economy is recovering.

Oil also advanced as analysts forecast U.S. oil inventories dropped last week, Sunoco Inc. said a fire at its refinery near Delaware forced the shutdown of the plant’s main gasoline unit, and Nigerian militants threatened to block waterways used for energy exports.
“Sentiment has driven this market from its lows in the hopes of an imminent recovery,” said Toby Hassall, research analyst at Commodity Warrants Australia Pty in Sydney. “If we do see equities continue their rally, oil and a lot of other commodities are probably going to follow.”
Crude oil for June delivery climbed as much as $1.45, or 2.5 percent, to $60.48 a barrel on the New York Mercantile Exchange, the highest since Nov. 11. Oil traded at $60.09 at 9:53 a.m. London time. Futures are up 30 percent this year.
The June crude contract expires on Tuesday. The more-actively traded July contract gained $1.06, or 1.6 percent, to $60.65 a barrel at 9:57 a.m. in London.
The MSCI World Index climbed 1.2 percent at 9:40 a.m. in London, a second day of gains. The gauge of 23 developed nations has surged 37 percent since March 9 as investors become more optimistic about the length and depth of the first global recession since World War II.
------------Oil stockpiles
Crude-oil stockpiles dropped 1.75 million barrels in the week ended May 15 from 370.6 million the previous week, according to the median of eight estimates by analysts before an Energy Department report this week.
Inventories may have fallen as oil imports to the U.S., the world’s biggest crude user, decline. Supplies brought into the country fell 12 percent to 8.71 million barrels a day in the week ended May 8, the lowest since the week ended Sept. 12, the Energy Department said on May 13.
Refineries probably operated at 84.1 percent of capacity last week, up 0.4 percentage point from the previous week, according to the median of responses in the survey. Refinery operations usually climb for the peak gasoline-consumption period, which lasts from the Memorial Day weekend in late May to Labor Day in September.
The Energy Department is scheduled to release its weekly report tomorrow at 10:30 a.m. in Washington.
Brent crude for July settlement gained as much as $1.18, or 2 percent, to $59.65 a barrel on London’s ICE Futures Europe exchange. The contract traded at $59.42 a barrel at 10 a.m. local time.
----------Nigeria violence
The Movement for the Emancipation of the Niger Delta, or MEND, said that ships near the southern part of the country would be traveling at their own risk. Violence in Nigeria has escalated since May 13 when militants said they responded to an army offensive by attacking military positions and hijacking a tanker.
MEND claimed responsibility May 17 for rupturing two pipelines supplying oil and natural gas from a Chevron Corp. facility to domestic refineries and power stations.
Nigeria produces low-sulfur, or sweet, oil, prized by U.S. refiners because of the proportion of high-value gasoline and diesel it yields.