Oil prices closed slightly higher on Friday, as the European Union’s plans to ban Russian fossil fuels and the easing of Covid-19 lockdowns in China outweighed fears that slowing growth. economic will hurt demand.
Brent futures for July rose 51 cents, or 0.5%, to trade at $112.55 a barrel. US crude (WTI) for June edged up $1.02, or 0.9%, to close at $113.23 on its final day as a first contract.
WTI recorded its fourth consecutive week of gains, which it last saw in mid-February. Brent gained about 1% this week after falling about 1% last week.
WTI’s most active July contract rose about 0.4% to $110.28 a barrel.
“Risks remain tilted to the upside…given the Chinese reopening and continued efforts for an EU Russian oil embargo,” said Craig Erlam, senior market analyst at OANDA.
The energy market expects the lifting of some coronavirus restrictions in Shanghai to increase energy demand. China is the biggest oil importer in the world.
Source: CNN Brasil