Crude oil futures rose around half a dollar on Wednesday and remained near 2016 highs on the back of strong investor sentiment and a weak dollar, although analysts warned this month’s bull-run could soon run out of steam.
International Brent crude futures were trading at $46.31 per barrel at 0653 GMT, up 57 cents, or 1.25 percent from their last settlement.
Brent received extra support from reports that Saudi Arabia and Kuwait appear no closer to restarting their jointly operated Khafji oilfield, which produced 280,000 to 300,000 barrels per day (bpd) before environmental problems forced a planned 18-month closure in October 2014.
