Oil prices record highest monthly rise in six years

The price of oil increased yesterday, marking the largest monthly rise in six years, while crude oil prices reached a record high in April, as it rose by 20-25 per cent due to the decline of the dollar and the expected decline in supplies.

By the end of trading, Brent crude oil closed at $66.78 a barrel, rising 94 cents or 1.43 per cent. April Brent was up 21 per cent.

West Texas Intermediate crude prices reaching $59.63 a barrel, while US crude oil jumped 25 per cent at the end of the month.

The rise of oil coincided with the decline of the dollar to its lowest level since February, making the oil less expensive to those using other currencies.

A Reuters survey conducted by 25 analysts predicted that the Brent oil prices will reach an average of $60 a barrel in 2015, up 80 cents from last month.