Oil Hits 2015 Peak After First US Crude Drawdown Since January

Reuters

NEW YORK, May 6 (Reuters) - Oil prices hit 2015 peaks on Wednesday amid the first drawdown in U.S. crude inventories since January, before settling off their highs as investors and traders moved to take profits on a multi-week rally.

The dollar's tumble had also fed the run-up in oil and other commodities, as those raw materials became more affordable for holders of the euro and other currencies.

U.S. crude futures rallied more than $2 to the year's high of $62.58 a barrel, before settling just 53 cents higher at $60.93.

Futures of North Sea Brent, the more widely-used benchmark, reached a 2015 peak of $69.63 before turning negative at one point. It settled up 25 cents at $67.77.

U.S. gasoline and heating oil futures also hit their highs for the year, before gasoline closed more than 1 percent lower.

U.S. crude prices have risen every week since March 13, while Brent has seen weekly gains since April 3.

Wednesday's rise came after the U.S. Energy Information Administration said crude stockpiles fell 3.9 million barrels last week, the first drop in four months.


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Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours