Oil Down After 2015 High; Saudis' Yemen Action And Dollar Weigh


NEW YORK, May 4 (Reuters) - Brent oil hit a 2015 high before settling down with U.S. crude on Monday as Saudi Arabia's plan to halt bombing in Yemen eased tensions over the security of oil Middle East supplies.

A stronger dollar, following the largest U.S. factory orders in eight months, had also weighed on crude.

Even so, the price drop was cushioned by data from market intelligence firm Genscape showing a further tightening in supplies at the U.S. crude storage hub in Cushing, Oklahoma.

UK Brent crude, the more widely used global oil benchmark, touched the year's high of $67.10 before settling down just a penny at $66.45 a barrel.

A public holiday in Britain had limited trading volumes in Brent.

U.S. crude settled down 22 cents at $58.93.

A Saudi-led Arab alliance, waging an air campaign against Houthi fighters in Yemen, was considering calling a truce to allow humanitarian relief, Saudi-owned al-Arabiya television quoted the country's foreign minister as saying.


View Full Article


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.