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27 May 2022

Oil Prices Hike & Set on track for Weekly Gains amid Global Supply Issues

The Index Today

Oil prices rises on Friday and set to increase weekly gains, boosted by a prospect of a high demand market due to rising gasoline consumption in the United States in Summer season, and also the upcoming possibility of an EU ban on Russian oil.

Recent data shows that the Brent crude was up 58 cents, or 0.5%, at $117.98 at 0844 GMT, and was on track for a gain of about 5% this week.

U.S. West Texas Intermediate (WTI) crude rose 27 cents, or 0.2%, at $114.36 a barrel. WTI is set for a weekly gain of about 1%.

UBS analyst Giovanni Staunovo said, "Oil prices have risen to the highest level since end of March, benefiting from renewed declines in U.S. oil inventories."

Clay pottery with table linens
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