Oil hits 2015 high

Oil closed up for a second straight week on Friday after another drop in the U.S. rig count, and Brent crude hit a 2015 high above $60 a barrel, but market skeptics cautioned the rally could fade because supplies keep coming.

According to Reuters, many traders and analysts believe there is a global oversupply of nearly two million barrels per day of crude oil.

While the number of U.S. oil drilling rigs fell last week to the lowest levels since August 2011, the market reaction was relatively tepid compared with the past two weeks when prices spiked on declining rig counts, Reuters reports.

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