Brent reached US$115.50 – its highest since March 28 – and then cushioned its rise to US$114.93. West Texas Intermediate in the United States (WTI) rose 0.77% in early trading at $115.07 a barrel. It then stabilized at $112.19.
“Crude prices remain near multi-week highs, supported by rising US gasoline and distillate prices and fears of an EU ban on Russian oil imports.”said Jeffrey Halley of OANDA.
Crude is trading higher in 2022 with Brent hitting $139 in early March, its highest since 2008, as the Russian invasion of Ukraine is exacerbating supply concerns.
Oil has also been supported by hopes of a recovery in demand from China as it begins to ease COVID restrictions, according to analysts, and by heightened geopolitical tension between the EU and Russia following the initiative by Sweden and Finland to join NATO.
The possible decrease in fuel inventories in the United States must also be taken into account. Weekly inventory reports are expected to show a rise in crude stocks and a decline in distillate and gasoline inventories.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
