Oil falls after hitting 2015 highs, markets still well supplied

May 7, 2015 3:42 AM

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Oil falls after hitting 2015 highs, markets still well supplied

SINGAPORE (Reuters) - Oil prices fell on Thursday after hitting 2015 highs in the previous session as an OPEC delegate indicated the group would stick to its strategy of pursuing market share rather than cutting output and traders took profit from a multi-week rally.

Stronger-than-expected demand growth and a slowdown in crude supply has lifted oil prices around 50 percent from a six-year low hit in January. Yet many traders and analysts say global crude markets remained well supplied.

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