STEVE INSKEEP, host: NPR's business news starts with oil traders betting on a recovery.</s>STEVE INSKEEP, host: If you've noticed prices at the pump getting a little higher, that's because traders in the oil pits of New York and other energy trading centers have been bidding up the price of crude oil. Oil is now hovering at around $60 per barrel, far higher than just in December. Some analysts say investors are buying because they expect an economic recovery in the United States.</s>STEVE INSKEEP, host: That has not happened yet, but demand for oil in China is rising. An aggressive economic stimulus plan there seems to be having an effect on China's consumption. Last month, car sales in China hit a new record.
Traders in the oil pits of New York and other energy trading centers have been bidding up the price of crude oil. It is hovering around $60 a barrel, almost double what it was in December. Analysts say investors are buying because they expect an economic recovery in the U.S. will spur demand.