Oil prices fell on Thursday but still hovered near three-month highs after parts of Shanghai imposed new Covid-19 lockdown measures as strong gains in refined products contributed to a bullish scenario. for the commodity.
Brent crude for August closed down $0.51, or 0.4%, at $123.07 a barrel, while U.S. crude (WTI) for July lost $0.60, or 0. 5% to $121.51 a barrel.
Oil prices have been rising steadily for the past two months, led by large increases in refined product prices due to tight refining supply and rising demand.
Across the world, refineries have closed facilities and capacity is also reduced due to limited activity in Russia, the world’s biggest exporter of oil and fuel, following the invasion of Ukraine.
Peak summer gasoline demand in the US continues to drive up oil prices. The US and other nations have been involved in a series of strategic reserve releases, but they have had limited effect so far, with global oil production increasing very slowly.
“I think higher energy prices are here for the balance of the year, unless we see some breakthrough that allows a significant amount of oil to return to the market,” said Andrew Lipow, president of Lipow Oil Associates in Houston.
Source: CNN Brasil
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