Crude rebounds from 2015 maximums as doubts over soar emerge

neft-l4On Friday, crude sagged, drifting away from maximums last observed in 2015 because rallying crude output in the USA undermined the 10% soar from minimums reached in December that was powered by tightening supply as well as political tensions in OPEC member Iran.

American West Texas Intermediate crude futures hit $61.92 a barrel, just 9 cents below their previous close, although still close to the $62.21 maximum hit yesterday, which was the most impressive outcome since May 2015.

As for Brent crude futures, they reached $67.96 a barrel, which is 11 cents below their previous close, although still not far off the $68.27 maximum from yesterday, also the highest reading since May 2015.

Market participants told political tensions in Iran, which appears to be the third-largest producer in the Organization of the Petroleum Exporting Countries, had underpinned prices.

Crude has obtained general support from output cuts led by OPEC and also by Russia that started in January 2017 and set to last through this year and also by firm economic surge and financial markets.

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