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Oil prices settle near highest since Dec

27th April 2015

The cost of a barrel of Brent crude oil settled near a four-and-a-half month high on Monday, on news of declining output and potential Middle East supply disruptions.

After posting its third consecutive weekly gain, oil touched its December 10th high above $65 per barrel, where the price is now ranging.

Oil prices were supported by news that the number of US active oil drilling rigs fell for 20 weeks in a row, a record slide, to hit its lowest level since 2010. Analysts predict this decline will soon impact levels of production.

Further support comes from heightened supply worries due to the ongoing fighting in Yemen. Saudi Arabia continues to batter the Houthi militia with air strikes and shows no signs of seeking a ceasefire.

In addition, Libya’s output is predicted to decline after the western El Feel oilfield was closed over a salary pay strike by security guards.

US crude has now posted its sixth consecutive week of rises - its longest period of positive moves since the first three months of 2014. 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.