Oil prices hits 2015 highs but market remains oversupplied

oil

oilBrent crude oil hit 2015 highs above $63 per barrel on Thursday after a rally of more than 5 percent the previous session, and analysts said more price rises were likely despite market oversupply.

Front-month Brent crude futures rose above $63 a barrel for the first time this year on Wednesday, although they had dipped back to $62.70 by 0654 GMT on Thursday. US crude was at $56.06 after hitting a 2015 high of $56.69 on Wednesday.

Crude prices have risen 15 percent since early April to their highest level since December last year, yet analysts said the market remained oversupplied, largely due to high production.

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