New York’s West Texas Intermediate (WTI) crude futures closed higher on Friday (May 13), boosted by concerns about continued tight oil supplies in global markets.
The WTI crude oil contract will be delivered in June. It rose $4.36, or 4.1%, at $110.49 a barrel. and rose 0.7% this week.
Brent crude oil contract (BRENT) for delivery in July. It rose $4.1, or 3.8%, at $111.55/barrel, but was down 0.7% for the week.
The oil market soared despite Baker Hughes, the US oil drilling operator said. Total US oil and gas drilling rigs increased by nine to 714 this week.
The market remains worried about the tight oil supply. As the EU gets more support for sanctions on Russian oil
However, concerns remain about oil demand. The Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for global oil demand growth in 2022, citing the impact of geopolitical tensions and the COVID-19 pandemic.