Hope for economic recovery raised the front-month contract of benchmark US crudes briefly above $60/bbl for the first time this year on the New York Mercantile Exchange before it fell back to $56.34/bbl in the week ended May 15.Although the worst may be over, said analysts at the Centre for Global Energy Studies (CGES), London, “The global economy is likely to scrape along the bottom for a while.” They reported, “Investors’ appetite for more risk seems to have made a muted comeback and more cash is flowing into equity markets and the commodities sector, while the current weakness of the US dollar has also played a part…. It is unlikely that oil will fall to $50/bbl...