Higher equities in Asia and a weaker U. S. dollar made crude oil prices to fly above $60 a barrel Wednesday.

In addition, the would-be release of weekly oil inventory data by the U. S. Energy Information Administration, which is expected to increase gasoline inventory numbers to 750,000 barrels, has also pushed up the oil prices.

As per analysts' average forecast distillates inventories and gasoline will go up and crude stocks will plunge.

In electronic trading on the New York Mercantile Exchange, crude oil for August delivery settled at $60.28 per barrel, up 76 cents.

Earlier on Tuesday, crude oil closed at $59.52 per barrel, down 17 cents.

Meanwhile in London, Brent prices soared to $61.15 per barrel, up 75 cents.

It should be noted here that previously on June 30, oil mounted a record high of $73.38 per barrel.