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Brent crude hits 2015 highs as U.S. production slows

losing over $1 since earlier highs for both oils

At 11am ,well up WTI $57.65 and Brent to $63.66

a $2 swing ( down earlier and back up now )

so now is back to this morning opening

As oil price losing ground............

Oil Prices Fall as Saudi-Led Military Operation in Yemen Ends

NEW YORK--Oil prices Tuesday fell as a Saudi-led coalition announced the end of its nearly monthlong military operation in Yemen, lowering concerns violence in the Middle East could affect oil production.

Though Yemen has little oil production, the military campaign had sparked fears that the violence could spread to other oil-exporting countries in the region and interrupt output there.

"I don't think anybody expected the military operation to end so quickly, " said Phil Flynn, analyst at the Price Futures Group in Chicago. In the oil market, "it definitely accelerated the selling."

Light, sweet crude for May delivery settled down $1.12, or 2%, to $55.26 a barrel on the New York Mercantile Exchange, a one-week low. The May contract expired at settlement Tuesday. The more-actively traded June contract fell $1.27, or 2.2%, to $56.61 a barrel.

Brent, the global benchmark, settled down $1.37, or 2.2%, to $62.08 a barrel on ICE Futures Europe.

Market participants are also waiting for the latest U.S. supply data, due Wednesday. U.S. crude-oil supplies are at their highest level in more than 80 years.

Analysts surveyed by The Wall Street Journal expect the report to show that oil stockpiles rose by 2.8 million barrels last week, while gasoline supplies fell by 800,000 barrels and stocks of distillates, including diesel fuel and heating oil, are expected to rise by 1.1 million barrels.

The American Petroleum Institute, an industry group, will release its own U.S. inventory data later Tuesday.

The U.S. Energy Information Administration has reported a drop in weekly production in two of the past three reports, and many market watchers are also waiting to see if the trend will continue.

"The weekly numbers on production are an estimated output of a model, rather than being observed data," and therefore are unreliable, said Citigroup in a note. "The risk to the market is now that the rally has come too soon for supply to get meaningfully curtailed," which could set prices up to drop again in the second half of the year, the bank said.

U.S. oil prices have risen close to 30% since a low in March on expectations the oversupplied market will come into balance later in the year. But analysts have warned that though U.S. oil production could stop growing or even fall in the coming months, other major producers are still pumping at a fast pace, exacerbating the global glut.

"While the shift in sentiment isn't necessarily flawed, the swing to the extreme is overdone," said analysts at London-based consultancy Energy Aspects.

At opening
WTI crude oil traded at $56.26 a barrel and Brent at $62.08.

but now further down
at 9.30am
WTI crude oil traded at $55.86 a barrel and Brent at $61.47

Brent crude holds near 4-1/2 month high on U.S. rig count, Yemen

They have to stop pumping Oil not cut it, Storage is at capacity over there and has been as we all know... unless they pour it back in the ground of course... Dopey Yanks!

Gold having a run ashore!

Oil toying with the YTD high.

At 9.35am
WTI $59.15 and Brent to $66.16

trying to get into new highs for the Year

Surely "they" are going to take WTI above $60 to take a load of stops out?

Light, sweet crude for June delivery settled up $1.05, or 1.8%, at $59.63 a barrel on the New York Mercantile Exchange, the highest settlement since Dec. 11. Prices rose 25% for the month, the largest monthly percentage gain since May 2009.

Brent crude, the global benchmark, rose 94 cents, or 1.4%, to $66.78 a barrel on the ICE Futures Europe exchange, the highest level since Dec. 9. Prices rose 21% this month.

Breaking up from $66.50 and trying to get into yesterday's highs

Light, sweet crude @ $59.40
Brent crude, @ $66.85

$60.

New highs for the Year

At 8.37am,
WTI crude was up 1.74% to $61.45/bbl.

Brent rose 1.215 to $68.34/bbl.

Cable on a run.

Downgrades threaten oil companies

Oil prices going nowhere but down lately and again today

Light, sweet crude for June delivery settled $59.81 a barrel on the New York Mercantile Exchange,.

Brent crude, the global benchmark is at $63.92 a barrel on the ICE Futures Europe exchange,

Oil on a run today.