Oil prices closed higher on Tuesday, supported by supply concerns, including demand growth prospects in China, which eases lockdowns.
Oil prices rose regarding 1 percent on Tuesday, and US crude closed at a 13-week high.
Brent crude contracts, the global standard, ended the trading session up $1.06, or 0.9 percent, to settle at $120.57 a barrel, its highest level since May 31.
US West Texas Intermediate crude contracts rose 91 cents, or 0.8 percent, to settle at $119.41 a barrel, the highest settlement level since March 8.
The US Energy Information Administration has predicted that US oil production and demand for both petroleum products will rise in 2022.
Prices also drew support from expectations that demand will recover in China, as the capital, Beijing, and the commercial center of Shanghai return to normal life following two months of closures.
Analysts also doubted that global crude supplies would rise too much in the wake of the OPEC+ group’s decision last week to introduce production increases.
Market sources said, quoting figures from the American Petroleum Institute today, Tuesday, that oil and fuel stocks in the United States rose last week.
According to the sources, data from the Petroleum Institute showed that crude stocks increased by 1.8 million barrels during the week ending on June 3. Gasoline stocks rose by 1.8 million barrels, while distillate stocks, which include diesel and heating oil, increased by 3.4 million barrels.
