Brent crude hits 2015 highs as U.S. production slows

April 16, 2015 4:37 AM

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Brent crude hits 2015 highs as U.S. production slows

SINGAPORE (Reuters) - Brent crude oil hit 2015 highs above $63 per barrel on Thursday after a rally of more than 5 percent the previous session and analysts said more price rises were likely despite market oversupply.

Front-month Brent crude futures LCOc1 rose above $63 a barrel for the first time this year on Wednesday, although they had dipped back to $62.96 by 0413 GMT on Thursday. U.S. crude CLc1 was at $56.23 after hitting a 2015 high of $56.69 on Wednesday.

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