Oil jumps 4% as US gasoline rises to a record level

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Crude futures increased Brent $4.10, or 3.8 percent, to settle at $111.55 a barrel. US West Texas Intermediate crude futures rose $4.36, or 4.1 percent, to $110.49 a barrel.

US gasoline futures rose to an all-time high, after inventories fell for the sixth consecutive week. This boosted refining profit margins to their highest levels since hitting a record in April 2020.

The market has seen volatility with the possibility of the European Union imposing a ban on Russian oil supplies Which leads to a shortage of supply, and amid concerns about the faltering global demand.

Inflation and a sharp rise in interest rates pushed the US dollar to its highest level in 20 years, limiting its gains oil prices During the week, a stronger dollar makes oil more expensive to buy in other currencies.

But analysts continue to focus on the possibility of a European Union ban Russian oil After Moscow imposed sanctions this week on European units of state-owned Gazprom and after Ukraine blocked a major gas transit route.

In China, authorities pledged to support the economy and Shanghai officials said the city would begin easing movement restrictions imposed to combat the Corona virus and open stores this month.

The European Union said that sufficient progress had been made to resume Nuclear negotiations with Iran. Analysts said the deal with Iran could add another million barrels of oil supplies to the market per day.

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Crude futures increased Brent $4.10, or 3.8 percent, to settle at $111.55 a barrel. US West Texas Intermediate crude futures rose $4.36, or 4.1 percent, to $110.49 a barrel.

US gasoline futures rose to an all-time high, after inventories fell for the sixth consecutive week. This boosted refining profit margins to their highest levels since hitting a record in April 2020.

The market has seen volatility with the possibility of the European Union imposing a ban on Russian oil supplies Which leads to a shortage of supply, and amid concerns about the faltering global demand.

Inflation and a sharp rise in interest rates pushed the US dollar to its highest level in 20 years, limiting its gains oil prices During the week, a stronger dollar makes oil more expensive to buy in other currencies.

But analysts continue to focus on the possibility of a European Union ban Russian oil After Moscow imposed sanctions this week on European units of state-owned Gazprom and after Ukraine blocked a major gas transit route.

In China, authorities pledged to support the economy and Shanghai officials said the city would begin easing movement restrictions imposed to combat the Corona virus and open stores this month.

The European Union said that sufficient progress had been made to resume Nuclear negotiations with Iran. Analysts said the deal with Iran could add another million barrels of oil supplies to the market per day.

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