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Brent crude hits 2015 high

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Brent crude hits 2015 high

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Oil has risen to a 2015 high of $67 a barrel amid expectations the crude supply glut will ease and after weak Chinese factory activity reinforced views stimulus measures would be rolled out.

The collapse of oil prices last year prompted speculation that supply growth in higher-cost crude producers such as the United States would fall back.

Data released last week showed that the pace at which energy companies were taking oil rigs offline in the US slowed in the week to May 1.