Oil above $64; edges back from 2015-highs

Oil prices on Friday edged back from 2015-highs reached the session before, but remain on course for weekly gains after renewed air strikes in Yemen stoked concerns on the security of Middle East oil shipments.

Crude prices have surged about $10 a barrel over the last month amid growing tension in the Middle East, with slowing U.S. production growth and signs of stronger global demand also providing support.

The spike in prices on Thursday came as warplanes from a Saudi-led coalition pounded Houthi militiamen and military bases with at least 20 air strikes throughout Yemen, residents said, despite Riyadh saying earlier it was winding down its campaign.

Brent crude for June delivery was down 31 cents at $64.54 a barrel by 0208 GMT, after settling $2.12 higher. The contract touched its highest since Dec. 10 at $65.58 on Thursday.

U.S. crude for June delivery dropped 32 cents to $57.42 a barrel, after settling up $1.58. The front-month contract hit a 2015-high of $58.41 on Thursday and is on course for its sixth straight weekly gain.

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Posted in: Indian Market Tips