Crude oil futures rallied throughout April and early May registering the biggest monthly gains since May 2009. Lower-than-expected inventory builds in the US, the appointment of a new Saudi Prince and a leadership reshuffle at the Saudi Arabian national oil company were all seen as bullish factors supporting the rally. Prices were further buoyed by a weaker US dollar; and news of a price hike of Saudi Arabian official selling prices (OSPs) for the Arab Light grade for European and US customers.
New York Mercantile Exchange (NYMEX) and West Texas Intermediate (WTI) crude futures peaked at 59.63 US dollars (US$) per barrel (b) on 30 April – a 2015 high. ICE Brent crude futures edged closer to the US$70 handle, hitting an intra-month and 2015 high of US$66.93/b. 1,2
1"ICE Brent Crude Oil Futures, Continuous Contract #1 (B1) (Front Month)", accessed May 2015
2 "CME NYMEX WTI Crude Oil Futures (CL)", accessed May 2015