Oil scores new 2015 peaks on tumbling inventories in US

London

OIL faced a rollercoaster week, striking five-month peaks on news of an unexpected slump in US crude reserves, before sliding as oversupply worries resurfaced.

"After a strong start to the week, with Brent seemingly heading for US$70 per barrel, the recovery in oil prices ran out of steam by Friday," said Capital Economics analyst Julian Jessop.

Heading into the weekend, markets tracked the US interest rate outlook after a bright non-farm payrolls (NFP) report in major commodity consumer the United States.

Traders warned that the Greek financial crisis had the potential to flare up and boost gold, which is seen as a safe bet in times of economic turmoil.

Prices soared on Wednesday on news of a shock tumble in US crude stockpiles, with Brent striking US$69.63 and WTI reaching US$62.58 per barrel - t…