The 3 Week Diet System

Tuesday, May 5, 2015

Oil prices near 2015 highs on weaker dollar, Libya supply

May 05:

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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. 

[SINGAPORE] 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 per cent and 25 per cent 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 US$67.87 a barrel by 0141 GMT, below its 2015 peak of US$68.40 reached on Tuesday, when the contract ended up $1.07.
US crude for June delivery traded 50 cents higher at US$60.90 a barrel. The contract closed up US$1.47 on Tuesday, after hitting a 2015 high of US$61.10. "Stronger European demand now appears to have been the key catalyst that allowed refineries to lift utilization (in 1Q) and absorb surplus crude while maintaining strong refining margins,"analysts at JP Morgan said in a note.
Source: http://www.businesstimes.com.sg/energy-commodities/oil-prices-near-2015-highs-on-weaker-dollar-libya-supply?

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