After strong gains reached on Thursday due to renewed Saudi attacks on Yemen, Brent crude reached the highest level since December 2014, while West Texas Intermediate came close to 2015 highs.
Both benchmarks point to end the week with gains, rising nearly $10 during April, mostly boost by the actual crisis in the Middle East, where Yemen political tension spurred Saudia Arabia's reaction and direct attacks.
Moreover, less oil rigs, outlook for lower fracking oil output in the United States helped to boost the bullish sentiment, as the US is considered as being the strongest trigger of the drop in oil prices due to lifting its production.
Following the bullish progress, Societe Generale lifted its target price for Brent to $59.54 a barrel, while WTI crude oil is expected to reach $53.62 a barrel at the end of this year due to Saudi's attacks.
Coalition led by Saudi Arabia sent planes to bombard militias in Houthi and military bases. Approximately 20 air strikes were led in Yemen, renewed after previous calming down declared by al-Riyadh's government.
Saudi Arabia has natural interest mostly in control of the Red Sea and Suez Canal with a southern entry through the Yemen's Bab el-Mandeb as the leader of OPEC still holds its production mildly above 10 million bpd.
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