(VOVworld) - US oil prices have shot up to a 2015 peak after a slight dip in US oil production sparked talk that the glutted petroleum market could be turning.

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The reason is US crude inventories experiencing a smaller increase than expected. The US benchmark West Texas Intermediate for May delivery jumped nearly 6 per cent, to 56.39 USD a barrel on the New York Mercantile Exchange, the highest closing price since December 23. European benchmark Brent oil for delivery in May rose 1.89 USD to 60.32 USD a barrel in London. The gains extended a market rally into a fifth straight day.