Oil prices close to 2015 highs; market remains oversupplied

April 16, 2015 3:22 AM

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Oil prices close to 2015 highs; market remains oversupplied

Brent crude oil prices opened at their highest level since February and close to 2015 highs in early Asian trading on Thursday after a near 6 per cent rally the previous session, but analysts warned that the market remains oversupplied.

Oil prices jumped steeply on Wednesday after U.S. inventories built up more slowly than expected and talks between major oil producers this week triggered speculation of production cuts, although most analysts said these were currently unlikely.

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