Oil prices rose today on comments from the Kuwaiti oil minister, who said he was optimistic that the gains will hold and prices will drift higher in the second half of the year.
Brent North Sea crude for April delivery rallied as high as $62.57 - a level last seen on December 22nd.
Kuwaiti Oil Minister Ali al-Omair said oil prices have recovered "faster" than expected and recent gains will likely hold.
"I think it will last. It started holding gains now and hopefully, in the second part of 2015, we will see better prices," he said.
Kuwait, a member of the Organization of Petroleum Exporting Countries cartel, is the world's 10th biggest petroleum producer.
