NEW YORK — Global oil prices hit their highest for the year on Tuesday after a disruption in Libyan crude exports, higher selling prices for Saudi oil and a weaker dollar that tends to inflate commodity prices.Since April’s price rally of between 20 and 25%, oil bulls have been pushing the market up on the notion that a supply glut was easing from tightening world production despite continuous builds in US crude stockpiles.UK Brent, the more widely used oil benchmark, hit a 2015 high of $68.40 a barrel, trading at $68.06 by 3.07pm GMT for a gain of $1.61 on the day.US crude rose $1.87 to $60.80 a barrel, having hit the year’s peak of $61.10 earlier in the session.Still, some were not convinced the recent price gains had much staying power."I think the market is getting ahead of itself," said Dominick Chirichella, senior partner at the Energy Management Institute in New York."There’s plenty of producer hedging going on as well, and those production levels are not going to come down i...
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