LONDON, March 6: World oil prices rose on Tuesday, with Brent crude nudging above $61 a barrel in London, aided by a recovery to global share prices, analysts said.

The price of Brent North Sea crude for April delivery climbed 49 cents to $61.03 per barrel in electronic trading.

New York’s main oil futures contract, light sweet crude for delivery in April, gained 32 cents to $60.39 per barrel in pit trading.

“Crude futures were firmer... edging above $61 per barrel in London, underpinned by stronger global equities markets,” Sucden analyst Andrey Kryuchenkov said in London.

World oil prices had slumped on Monday, closing down more than $1.50, as traders sought to limit their investment exposure amid turmoil on stock markets.

The falls came despite bad news on the supply front after energy giant Royal Dutch Shell reported a major spill at a production facility in southern Nigeria.

“The market has been affected by the losses in the global stock markets, particularly in Europe and Asia,” said Victor Shum, an analyst with energy consultancy Purvin and Gertz in Singapore.

“The turmoil in the financial markets has raised concerns about the global economic outlook and hence potentially faltering oil demand.”

Kryuchenkov noted, however, that the supply and demand situation remained “robust and supportive of higher crude futures.”

He added: “There are currently many issues that underpin oil prices, including concerns over Iran's controversial nuclear programme, especially after Tehran, once again, refused to give it up.”—AFP