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Oil Hits 2015 High as Traders Look Beyond Ample Current Supply

Posted May 04, 2015

Under Economic Issues, International Trade Issues

(Alex Lawlor – Globe & Mail)

Oil rose to a 2015 high of $67 a barrel on Monday supported by expectations the crude supply glut will ease and after weak Chinese factory activity reinforced views stimulus measures would be rolled out.

The collapse of oil prices in 2014 has prompted expectations that supply growth in higher-cost crude producers such as the United States will slow. On Friday, oil services firm Baker Hughes Inc. said the number of U.S. active rigs had fallen for a record 21 weeks in a row.

Brent crude was up 56 cents at $67.02 a barrel by 1245 GMT (8.45 a.m. EDT), after hitting a 2015 peak of $67.10. U.S. crude gained 22 cents to $59.37. The U.S. benchmark hit its highest this year at $59.90 on May 1. Click here to read more.