Brent crude oil hit 2015 highs above $63 per barrel on Thursday after a rally of more than 5 percent the previous session, and analysts said more price rises were likely despite market oversupply. Front-month Brent crude futures LCOc1 rose above $63 a barrel for the first time this year on Thursday, although they had dipped back to $62.70 by 0654 GMT (2.54 a.m. ET). U.S. crude CLc1 was at $56.06 after hitting a 2015 high of $56.69 on Wednesday. The price rise means the U.S. oil market has firmed up into its best shape this year, as ebbing fears of an inventory overflow and renewed hedging in far-distance futures flattens the forward curve, a possible sign that a months-long rout might be over. “We turn extremely bullish on oil after yesterday’s 5 percent rally in crude prices,” Singapore-based energy brokerage Phillips Futures said. “This whole […]