Crude oil prices rallied near $60 a barrel Thursday morning after finishing the previous session at the highest settlement price of the year.
The recent rally has been fueled by a weaker dollar and concerns about supplies from the Middle East, where an escalating civil war in Yemen threatens to embroil Saudi Arabia and Iran.
Signs of a slowdown in U.S. shale oil production also lifted prices. U.S. weekly oil stockpiles rose by 1.9 million barrels last week to 490.1 million barrels, official data showed.
Crude oil for June was up 59 cents at $59.17 a barrel.
The material has been provided by InstaForex Company – www.instaforex.com