If you think this oil rally is over, think again
Crude-oil futures touched their highest levels of the year this week and they’re not done climbing yet.
Marking their highest settlements since December, West Texas Intermediate crude CLM5, -0.55% the U.S. benchmark, finished Thursday at $57.74 a barrel on the New York Mercantile Exchange, while Brent crude LCOM5, +0.80% the European benchmark, ended Friday at $65.28 a barrel.
Tensions in the Middle East, particularly in Yemen and Saudi Arabia’s involvement, have fueled concerns over supplies in the oil-rich region, giving oil prices a boost.
Prices have also found some support from data Wednesday which showed a weekly decline in U.S. crude production.
“We see near term momentum-driven upside potential from today’s [Brent] price levels, but record U.S. inventory levels (highest in 80 y
Apr 25, 2015