Oil prices are rising with US fuel demand, tight supply and a slightly weaker dollar supporting the market as Shanghai prepares to reopen after a two-month lockdown that sparked concerns of a sharp slowdown.
Brent futures rose 72 cents to $ 113.27 a barrel, while West Texas Intermediate was up 53 cents, or 0.48%, at $ 110.81 a barrel.
“Oil prices are backing up as fuel markets remain tight amid strong demand as we head to the peak of the US travel season,” said analysts at SPI Asset Management.
“Refineries have traditionally been operating to quench the thirst of drivers in the United States,” analysts said.
They also added that despite concerns about rising fuel prices, which may reduce demand, traffic figures have risen in recent weeks, showing that more people were on the streets in the US.
The weaker dollars also sent oil higher, as this makes crude cheaper for buyers holding other currencies.
Source: Capital
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
