West TX Oil Above $58

U.S. crude closed up 1.79 percent at $59.63 a barrel on Thursday, its highest settle of the year, helped by a weaker dollar and bets that a supply glut would ease.

After the June-till-January selloff that halved oil prices from highs above $100 a barrel, Brent and U.S. crude had their strongest recovery this month, gaining about $11 each, and hitting their highs for 2015.  Brent was up 86 cents at $66.70 a barrel by 2:24 p.m. EDT, near a 2015 high of $66.93, which was reached earlier in the session.

The gains came as the dollar fell to a February low, making oil less expensive to holders of other currencies.  Crude’s percentage gains in April were the best since May 2009, when prices were just recovering from the financial crisis, and backed oil bulls’ contention that the supply-demand imbalance would level.


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