Oil prices near 2015 highs on weaker dollar, Libya supply

Oil prices rose on Wednesday to hold near 2015 highs, continuing a month-long rally that was supported by a weaker dollar and a disruption to crude exports in Libya.

Oil bulls have pushed prices higher this week, after a rally of between 20 percent and 25 percent in April, despite a continued build in US crude stockpiles and indications that the OPEC cartel will keep production at current high levels at a meeting next month.

Brent crude for June delivery was 32 cents higher at $67.87 a barrel by 0141 GMT, below its 2015 peak of $68.40 reached on Tuesday, when the contract ended up $1.07.

US crude for June delivery traded 50 cents higher at $60.90 a barrel. The contract closed up $1.47 on Tuesday, after hitting a 2015 high of $61.10.

The bank raised its average 2015 Brent forecast by $3 to $62 a barrel and its average 2016 forecast by $10 to $72 a barrel, “as tighter balances are expected to reduce OPEC spare capacity through 2016.”

US crude inventories likely continued to rise last week for the 17th consecutive week, according to a Reuters poll showing a build of 1.5 million barrels.

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Posted in: Indian Market Tips