Oil Prices Surged On Supplies Decline

Oil prices settled at $62 a barrel Thursday, the highest level in more than two months, as concerns over declining product supplies outweighed traders' worries about volatile global stock markets.

Light, sweet crude for April rose 21 cents to settle at $62.00 a barrel — its loftiest settlement price since Dec. 22 — on the New York Mercantile Exchange.

Brent crude also gained 22 cents to settle at $62.11 a barrel, on London's ICE futures exchange.