Commodities prices on Thursday hit their highest level in six months, with crude oil at one point surging above $58 a barrel and leading a broad rally as consumers and investors bet on a quicker-than-had-been-expected economic recovery.

“A sense that the worst has passed on the macroeconomic front has investors looking for green shoots – and finding some,” said Hussein Allidina, head of commodities research at Morgan Stanley in New York, citing better-than-expected data out of Asia last month.