Oil prices hit 2015 highs on 5 May with the price for Brent crude reaching $68.40 a barrel before easing off to $67.52 by the end of the day.

The reasons cited for the increase included disruptions to Libyan crude exports, higher prices for Saudi Arabia’s crude as well as a slightly weaker dollar.

Despite the price hike the mood among traders was still cautious with media reports suggesting that many believed that the market was still oversupplied and inventories still high.

A poll carried out by Reuters in late April stated that US crude stockpiles were at record highs and Opec was still producing 2 million barrels a day above global demand.