The Traderszone Network

Published in TZ Latest News 4 May, 2015 by The TZ Newswire Staff

Oil hits 2015 high as traders look beyond ample current supply

Brent crude (LCOc1) was up 39 cents to $66.85 a barrel by 1046 GMT (6.46 a.m. EDT), after hitting a 2015 peak of $67.00. What the market really wants to see is supply being cut to match the demand level,” said Ric Spooner, chief market analyst at Sydney’s CMC Markets. Brent has rallied by more than 40 percent from a near six-year low of $45.19 in January, supported by expectations of a tighter future supply and demand balance, as well as a weaker dollar and tension in the Middle East.