প্রকাশ: 23/05/2022
Oil prices rose in
early trade on Monday with US fuel demand, tight supply and a slightly weaker
US dollar supporting the market, as Shanghai prepares to reopen after a
two-month lockdown fuelled worries about a sharp slowdown in growth.
Brent crude futures rose 82 cents to $113.37 a barrel at
0126 GMT, while US West Texas Intermediate (WTI) crude futures climbed 69
cents, or 0.6%, to $110.97 a barrel, adding to last week's small gains for both
contracts.
"Oil prices are supported as gasoline markets remain
tight amid solid demand heading into the peak US driving season," said SPI
Asset Management managing partner Stephen Innes.
"Refineries are typically in ramp-up mode to feed US
drivers' unquenching thirst at the pump."
The US peak driving season traditionally begins on Memorial
Day weekend at the end of May and ends on Labour Day in September.
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.
"High frequency data suggests demand continues to
grow," ANZ analysts said in a note.
A weaker US 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.
Lockdowns in China, the world's top oil importer, have
hammered industrial output and construction, prompting moves to prop up the
economy, including a bigger-than-expected mortgage rate cut last Friday.
The European Union's inability to reach a final agreement on
banning Russian oil for its invasion of Ukraine, which Moscow calls a
"special operation", has also stopped oil prices from climbing much
higher.
- Reuters
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