Oil prices increase on world markets 

  23 May 2022    Read: 186
Oil prices increase on world markets 

Oil prices gained on Monday with U.S. fuel demand, tight supply and a slightly weaker U.S. dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown fuelled worries about a sharp slowdown in growth, AzVision.az reports citing Reuters. 

Brent crude futures rose 72 cents to $113.27 a barrel at 0408 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 53 cents, or 0.48%, to $110.81 a barrel, adding to last week's small gains for both contracts.

Analysts said despite fears about soaring fuel prices potentially denting demand, mobility data from TomTom and Google had climbed in recent weeks, showing more people were on the roads in places like the United States.

A weaker U.S. dollar also sent oil higher on Monday, as that makes crude cheaper for buyers holding other currencies.

Market gains have been capped, however, by concerns about China's efforts to crush COVID with lockdowns, even with Shanghai due to reopen on June 1.

More about: Brent   WTI   crude  

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