KUALA LUMPUR: Light crude oil surged past the key US$60 per barrel level in mid-afternoon trade on May 19, fuelled by worries about supply while crude palm oil (CPO) futures also rallied.

At 3.35pm, the KLCI was also up 13.05 points to 1,025.06. Turnover was 1.22 billion shares valued at RM1.07 billion.

Oil rose US$1.18 to US$60.21 following violence in Nigeria while CPO third-month futures rallied RM89 to RM2,659.

In Sydney, the world's top policymakers offered their brightest assessment of the global economy in months, saying it was stabilising and could start growing again as soon as late this year.

Reuters reported Australia's central bank governor Glenn Stevens had joined a growing chorus of officials predicting the economy should start pulling out of its worst recession in more than six decades later this year.

The improved outlook still comes with a health warning that any recovery would be slow and bumpy, with unemployment set to rise further in most economies and business investment weak.

Top Glove rose 40 sen to RM6.15, KL Kepong 30 sen to RM11.40 while Tanjong, Asiatic, BCHB and Bursa gained 20 sen each to RM14.30, RM5.25, RM8.95 and RM70.