Brent crude hits 2015 high as US output slows

Oil rose more than 3 per cent on Thursday, pushing Brent crude to a 2015 high above $63 per barrel on increasing evidence that US production is peaking, balancing a market that has been in heavy oversupply for more than a year.



Oil prices collapsed in the six months to January, pushing Brent down more than 60 per cent to almost $45 a barrel.



But the market has gradually recovered this year as much lower prices have discouraged oil exploration and production, especially in the United States.



Brent crude futures for June on Thursday hit $63.29 a barrel, the highest since December, after the previous much weaker front-month futures contract, for May, expired on Wednesday.



By 0835 GMT, June Brent was at $62.52 a barrel, down 80 cents from the previous close for June, but up sharply from Wednesday’s close for May at $60.32.



US crude was at $56.00, down 39 cents after hitting a 2015 high of $56.69 on Wednesday.



Real Time News & Trading Trends Keep Liking #EpicResearch



Facebook – Twitter – YouTube – Pinterest –Linkedin – Google+



For more information ✆ – 0731-6642300 or Visit http://ift.tt/1k8NnLH

Posted in: Indian Market Tips