New $115 high for crude

Before the $115.54 WTI peak, ICE Brent for June delivery had earlier hit a new high of $113.38/bbl up $0.72 from Wednesday's close of $112.66/bbl.

Analysts also noted that the weak US dollar would enable crude oil to continue posting fresh highs.

"Investors have taken the developing US economic downturn as a signal that the Fed will continue to cut rates and that the dollar will continue to weaken," noted Michael Wittner, global head of oil research with French investment bank Societe

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