Oil prices were higher on Friday and led to a stronger weekly gain, as supply concerns returned.
West Texas Intermediate Crude CL.1, for June Delivery
$ 2.36 or 2.5% increase to $ 110.82 per barrel. The New York Mercantile Exchange closed 0.4% higher at $ 108.26 a barrel on Thursday.
July Brent Crude BRN00,
The global benchmark rose $ 2.13, or 2.3%, to $ 113.26 a barrel. The contract rose 0.7% to $ 110.90 a barrel in ICE Futures Europe on Thursday.
June Natural-Gas Futures NGM22,
Per million British thermal units rose 1.5 to $ 8.923. On Thursday the contract jumped 4.4% to close at $ 8.783 per million British thermal units, the highest since August 1, 2008.
June Petrol RBM22,
Oil heats up 0.9% to 69 3.6915 per gallon in June
0.6% up $ 4.068 per gallon.
Both West Texas Intermediate and Brent Crude were ready for a weekly gain of more than 5%, marking a third-straight weekly profit for each, according to Factset.
Ole Hansen, head of Saxo Bank's commodity strategy, said in a note to clients that “the Chinese lockdown and rate hikes have shifted the risk of declining commodity demand and returning to supply, which is going to be tough.” .
“OPEC + has announced another 432k barrels / day increase in oil production for June but OPEC10 (which has quotas) lags behind 800k barrels / day in April and Russia and Kazakhstan are lagging behind, the group is currently unable to supply barrels. I noticed, “said Hansen.
Also, a surprising US announcement about the European Union's embargo on Russian oil imports and the launch of its SPR refill [strategic petroleum reserves] Already underpinning the price this autumn, ”he said.
In Brent, the next level of resistance is the April high of around $ 115 with support at $ 110, he said.
Analysts said the rise in oil on Thursday was hampered by strong selling of Wall Street stocks and the strength of the dollar. The latter can act as a headwind for dollar-denominated goods, making them more expensive than other currencies.
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