Crude-oil prices climbed to a seven-session high on renewed confidence in the economic recovery and on weakness in the dollar.
Positive steps toward Greece managing its debt problems combined with more-upbeat economic reports in Europe, Asia and the U.S. to allay some of the recent fears about a flagging economy.
Meanwhile, in a sign that rising oil prices are injecting life back into the development of future crude supply, Organization of Petroleum Exporting Countries Secretary General Abdalla Salem El Badri said, near the close of trading, that the cartel's members have restarted $165 billion worth of drilling investments that went dormant during the recession.
Light, sweet crude for May delivery settled $2.17, or 2.7%, higher at $82.17 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled $1.88, or 2.4%, higher at $81.17 a barrel.
The factors that gave oil a boost also provided support for other commodities. Notably, copper futures gained 4% to close at their highest level since mid-2008.
Greece announced plans to raise