OPEC oil price holds near 2015 highs, but doubts over rally emerge
(Article from Faron Davis)



The price of OPEC basket of fourteen crudes stood at 66.13 US dollars a barrel on Thursday, compared with 65.US dollars a barrel on Wednesday, according to OPEC Secretariat calculations.


Oil prices held firm on Friday, with Brent crude up by more than 10 per cent from its December lows on the back of political tensions in OPEC-member Iran and a tightening US market, according to Economic Times.


US West Texas Intermediate (WTI) crude futures were at 61.95 US dollars a barrel at 0151 GMT, 5 cents below their last close but not far off the 62.21 US dollars a barrel in May 2015 high reached the previous day.


Brent crude futures were at 68.03 US dollars a barrel, 4 cents below their last settlement, but not far off the $6.


Beyond a brief intraday spike in May 2015, these were the highest price levels since December 2014, during the oil price downturn.


Traders said political tensions in oil producing Iran were supporting prices.

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