Oil Prices Surpass $60 for the First Time in 2015

Global oil prices have surpassed $60 for the first time this year. Some oil market analysts attribute the resurgence in prices to economic growth in the Eurozone. According to Reuters, Brent crude oil prices rose to $61.50 per barrel on Friday, driven by more optimistic forecasts regarding economic growth in the Eurozone and a decrease in drilling rigs in U.S. oil fields. The report also states that a decline in companies' budgets for oil exploration, which will lead to a reduction in excess oil in the market, has been another factor contributing to the increase in oil prices. Reuters notes that many experts believe that currently, two million barrels of oil are produced daily in excess of global demand, but this surplus has decreased somewhat over the past two weeks. In this context, Brent crude prices rose approximately three percent compared to the previous day, six percent compared to last week, and 16 percent compared to last month. The price of this benchmark oil was $115 in the middle of last year but fell below $46 last month. Phil Flynn, an oil market analyst in Chicago, told Reuters that considering the rapid decline in oil prices in the second half of last year, the rebound in global oil prices was not entirely unexpected, and even positive market assessments could further drive prices higher. In addition to Brent, West Texas Intermediate (WTI) crude oil also rose by $1.94 to reach $53.15 on Friday. Some oil market analysts attribute the renewed rise in prices to economic growth in the Eurozone, noting that the largest economy in the region, Germany, grew twice as much as expected in the last quarter of last year. Other analysts point to the reduction in drilling rigs in U.S. fields, which has reached its lowest level since 2012 over the past three weeks, as a factor behind the surge in oil prices.