West Texas Crude Oil Price Hits High for 2015

Crude oil futures settled higher overnight, with the U.S. benchmark at a high for the year, after a government report showed that crude supplies fell a sixth straight week.

July crude climbed 2.1% to settle at US$61.43 a barrel on the New York Mercantile Exchange.

Based on the most-active contracts, prices settled at their highest since early December.

July Brent crude on London’s ICE Futures exchange rose 1.3% to US$65.70 a barrel.

But prices ended off the session’s best level as data showed U.S. oil production edged higher.

Crude’s advance also came as the Organization of the Petroleum Exporting Countries said it sees no further rise in demand for its oil this year, but it expects the current oversupply to ease.

Traders also considered the impact of Islamic State’s assaults on Libya’s largest oil terminal.

The U.S. Energy Information Administration early today reported a drop of 6.8 million barrels in crude supplies for the week ended June 5.

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