Rising trends for oil and gas (upd)

LAST UPDATE 13:21

Oil prices are rising as a series of supply challenges have overshadowed concerns over demand threat, lockdowns in China.

West Texas Intermediate traded close to $ 103 a barrel, during a week in which futures fluctuated sharply up to $ 10.

As the war in Ukraine continues, EU members are moving to reduce their dependence on Russian oil, with the German foreign minister saying the country plans to suspend imports by the end of the year.

At the same time, Russian production has fallen and protests in Libya are hurting supply.

“The oil market continues to be torn between demand concerns and supply disruption concerns,” said a Commerzbank analyst.

“This is evident from the constant fluctuations in oil prices,” he added.

West Texas Intermediate for June delivery was up 0.7% at $ 102.88 a barrel, while Brent for June delivery was up 0.9% at $ 107.8 a barrel.

At the same time, gas prices in Europe are expanding their profits for a second day as traders weigh in on security of supply when Russia demands a ruble payment next month.

Futures are up 3.2% after stabilizing sharply last week.

President Putin’s order to pay for gas in rubles for “unfriendly” countries has been at the forefront of market risks for days after warnings that supply could be curtailed if buyers did not comply.

Gas futures are 2% higher, at 96.10 euros per megawatt hour, after rising 0.5% on Wednesday in Amsterdam. In the United Kingdom the corresponding contract is increased by 3.1%.