Price for Brent crude touched $68.40 a barrel on 5 May
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 Arabias 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.
You might also like...
Iraq signs deal to develop the Akkas gas field
25 April 2024
Emaar appoints beachfront project contractor
25 April 2024
Acwa Power signs $356m Barka extension
25 April 2024
AD Ports secures Angola port concession agreement
25 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.