By Libby George
LONDON (Reuters) - Brent crude was on track to finish the week near 2015 highs on Friday as air strikes in Yemen stoked concerns over the security of Middle East oil shipments.
A softer U.S. dollar and strong economic indicators in Europe and Asia also lent support to oil prices, which have surged by nearly $10 a barrel this month amid rising tension in the Middle East and slowing U.S. production growth. [MKTS/GLOB]
Brent for June delivery
U.S. crude for June delivery
The rise in futures over the last month shows a growing disconnect between oil producers and Wall Street over when slumping oil prices will recover, with the financial community betting that the oil price cycle may turn more quickly than the industry expects.
Meanwhile, many analysts say the market balance does not support the recent price gains. Some oil majors are considering further spending cuts to deal with an extended period of low prices.
"The hard facts are rather speaking for low prices," said Eugen Weinberg of Commerzbank, pointing to high inventories in the United States and strong production from OPEC nations.
The world's biggest oil exporters in OPEC are pumping almost 2 million barrels per day more crude than required, the highest surplus for at least a decade, data from Reuters, top forecasters and energy agencies shows.
Additionally, some warned that the recent price gains could encourage more U.S. shale oil production.
"Should prices continue on their recent uptrend, there is a strong possibility that the drilled but uncompleted wells (could) come back," Energy Aspects oil analyst Virendra Chauhan told the Reuters Global Oil Forum.
Thursday's spike in prices came as warplanes from a Saudi-led coalition pounded Houthi militiamen and military bases with at least 20 air strikes throughout Yemen, despite Riyadh saying earlier it was winding down its campaign.
On Friday, Societe Generale raised its 2015 average price forecast for Brent by $4.33 to $59.54 a barrel and for U.S. crude by $4.28 to $53.62 a barrel.
(Additional reporting by Jacob Gronholt-Pedersen in Singapore; Editing by Dale Hudson)
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