Oil gains $1 on hopes of economic recovery

06/04/2009 - 4:47

SEOUL (Reuters) - U.S. crude futures gained more than $1 in electronic trade on Monday as investors shrugged off gloomy economic data and held out hope for a global recovery.

NYMEX crude for May delivery was trading up 96 cents at $53.48 a barrel as of 11:47 p.m. EDT, after gaining as much as $1.03.

(Reporting by Angela Moon; Editing by Jonathan Hopfner)