Brent crude oil hit 2015 highs above $63 per barrel on Thursday after a rally of more than 5 per cent the previous session and analysts said more price rises were likely despite market oversupply.
Front-month Brent crude futures r
Crude prices dropped on Wednesday after Saudi Arabia reported record production of 10.3 million barrels per day in March, a figure the country's oil minister said was unlikely to fall by much.
The decline in prices followed a
Oil prices fell in early Asian trading on Tuesday after investment banking firm Goldman Sachs said that prices needed to remain low in coming months to achieve a slowdown in US production growth.
Brent May crude had dropped almost
Oil prices fell on Thursday as attention returned to nuclear talks with Iran, with the prospects for a deal and an increase in Iranian crude exports helping to keep pressure on prices.
Major powers and Iran have stretched talks on
The US stock market is rigged in favour of high-speed electronic trading firms, which use their advantages to extract billions from investors, according to Michael Lewis, author of a new book on the topic, "Flash Boys: A Wall Street Revolt.
Stocks ended an unusual trading week shortened by superstorm Sandy's devastating sweep through the US Northeast with a selloff on Friday, as major indexes erased early gains sparked by a stronger-than-expected payrolls report.
Brent crude edged towards $125 a barrel on Wednesday, rebounding from sharp losses a day earlier, as lower-than-expected US crude stocks and a weaker dollar offset the prospect of top exporter Saudi Arabia ramping up supply.
Global stocks closed their worst quarter in nearly three years on nagging concerns about the world economy and the lack of a credible solution to Europe's debt crisis.
The euro and most commodity prices also fell as investors' sear
Global stocks ceded more ground on Friday, hurt by mounting concerns the US economy is heading into another recession and as some European lenders faced a short-term funding crunch, highlighting the risk of another banking crisis.
Brent held above $112 on Thursday, buoyed by tighter US oil stocks and a weaker dollar after an initial favourable vote on austerity measures by Greece's parliament, but concerns that the IEA may decide to release more oil next month capped ga