HONG KONG--Crude oil futures ended a two-day losing streak Wednesday to resume an upward march that began a month-and-a-half back.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in June was trading above $60 a barrel, a level seen only five months ago. It was trading at $60.86 a barrel recently, up 46 cents from the previous close in the Globex electronic session.

Brent crude for June delivery on London's ICE Futures exchange rose 33 cents to $67.85 a barrel.

The push to oil prices came on a weaker dollar as well as Saudi Arabia raising its official selling prices to North America and Europe.

"This is not wholly unexpected, with seasonal demand usually ticking higher going into the U.S. driving season," ANZ said in a report.

According to analysts, the recent rally in oil prices is not wholly driven by fundamentals, but also by speculative trading making it difficult to predict how long the price rise would sustain.

Prices this week are likely to be determined by the U.S. non-farm payroll numbers due Friday.

Investors are watching for clues on the possible timing of the U.S. Federal Reserve's plans to raise interest rates.

If payroll numbers are positive, it will strengthen market expectation of an increase in rates by June, which in turn could strengthen the dollar and check oil's price rally.

Write to Biman Mukherji at biman.mukherji@dowjones.com

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