New $115 high for crude
Before the $115.54 WTI peak, ICE Brent for June delivery had earlier hit a new high of $113.38/bbl up $0.72 from Wednesday's close of $112.66/bbl.
Analysts also noted that the weak US dollar would enable crude oil to continue posting fresh highs.
"Investors have taken the developing US economic downturn as a signal that the Fed will continue to cut rates and that the dollar will continue to weaken," noted Michael Wittner, global head of oil research with French investment bank Societe Generale
More on Oil & refined products
Energy Risk at 30: Learning from the past
Energy Risk looks back at the seminal events and developments that have shaped today’s energy markets
Why Iran tensions failed to rattle markets
Despite initial fears, traders say risks were signposted and investors had deleveraged after April
Oil and products house of the year: Macquarie Group
Energy Risk Awards: Bank pioneers innovative deals in illiquid markets, taking on esoteric risk
Podcast: should negative oil prices be allowed?
Did negative oil prices signify the market was operating effectively, or that something was wrong?
Podcast: the future of retail investment in oil
Will negative prices and big losses curb retail investors’ appetite for oil futures over the longer term?
Podcast: Kaminski and Ronn on negative oil and options pricing
The market is gravitating to the Bachelier model as an alternative to Black 76
Negative oil prices put spotlight on investors
What part did Bank of China and other investors play in last month’s oil rout, asks derivatives veteran
How Onyx came from nowhere to conquer oil swaps
In just four years, market-maker has become the largest provider of liquidity in energy derivatives
