A larger-than-expected draw on crude stocks at a key US storage centre in Cushing, Oklahoma is also attributed to the oil price hike.

Oil prices rally to 2015 highs

RIYADH, April 24, 2015 – Crude oil prices hit new 2015 highs on Thursday. Brent crude, the international benchmark, was up $2.40 to $65.13 per barrel, while US benchmark WTI rose $1.63 to $57.81 per barrel in afternoon trading.

Prices then edged back, with Brent at $64.54 per barrel and WTI at $57.42 per barrel in early trading on Friday.

The increase, which has seen oil prices climb by close to $10 per barrel so far in April, is in response to a possible choking of supply due to sustained bombing by Saudi forces of neighbouring Yemen.

Each day, 3.4 million barrels of oil pass through the strait of Bab-el-Mandeb and the Gulf of Aden on Yemen’s southern coast bound for Europe.

Data showing a larger-than-expected draw on crude stocks at a key US storage centre in Cushing, Oklahoma and a weaker dollar are also factors in the rally.

Oil prices had dropped on Wednesday, after Saudi-led forces announced a conclusion of air strikes against the Houthi rebels in its neighbouring country. However, despite the statement from Riyadh, bombing continued on Thursday, with prices steady in early trading.