AKIPRESS.COM - Oil rose more than 3 percent on Thursday, pushing Brent crude to a 2015 high above $63 per barrel on increasing evidence that U.S. production is peaking, balancing a market that has been in heavy oversupply for more than a year.

Oil prices collapsed in the six months to January, pushing Brent down more than 60 percent to almost $45 a barrel.

But the market has gradually recovered this year as much lower prices have discouraged oil exploration and production, especially in the United States.

"People are realizing that the U.S. production juggernaut is slowing, at least for now," said Virendra Chauhan, oil analyst at London-based consultancy Energy Aspects.

"U.S. production is down for the second time in three weeks and refinery runs are spiking up, driving demand higher."

Brent crude futures for June LCOc1 on Thursday hit $63.29 a barrel, the highest since December, after the previous much weaker front-month futures contract, for May, expired on Wednesday.

By 1030 GMT, June Brent was at $62.52 a barrel, down 80 cents from the previous close for June, but up sharply from Wednesday's close for May at $60.32, reports Reuters.