(MENAFN- ProactiveInvestors)
West Texas Intermediate crude-oil futures rallied well above US$50 a barrel to settle at their highest levels of 2015 today as prices jumped on speculation that a sharp decline in U.S. drilling activity will result in supply declines.
Crude is now up 19% in four days.
On the New York Mercantile Exchange West Texas Intermediate futures for delivery in March settled up 7% at US$53.05.
The last time oil settled higher was US$53.27 on December 31.
Brent crude for March delivery on London’s ICE futures exchange rose 5.8% to US$57.91 a barrel.
Western Canada Select the blend of oil coming out of Canadian oilsands producers was up US$0.99 at US$38.56 a barrel.
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