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Category: Supply

Oil tops $60 for first time in 2015; oversupply persists

February 18, 2015 Posted by Chris Wysong

As oil rises above $60 for the first time this year, analysts still point out a significant surplus that remains in global supply. Oil tops $60 for first time in 2015; oversupply persists By: Reuters NEW YORK: Oil hit its highest level for the year on Friday with Brent crude rising above $60 a barrel, as euro zone economic growth exceeded expectations and market bulls priced in another drop in the US oil rig count. The rise in prices was also fueled by bets that cuts in energy firms exploration budgets will help mop up some of the excess oil in the world market. Many analysts and traders believe there is a global oversupply of nearly two million barrels per day in crude oil. They say little has changed fundamentally to explain the rally of the past two weeks. Brent rose about 3 per cent in Fridays session and was on track to a 6 per cent on the week and 15 per cent on the month. Gains heightened after its front-month contract switched on Thursday at a premium. Brent had collapsed

Posted in Oil, Supply, OilPrice
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