New York West Texas Intermediate (WTI) crude futures closed higher on Friday (27 May), helped by tight oil supplies. And the trend of higher oil demand this weekend, due to Memorial Day, a holiday in the United States on Monday, May 30.
- WTI crude oil contract for delivery in July It was up 98 cents, or 0.9%, at $115.07 a barrel. and rose 4.3% this week.
- Brent crude oil contract (BRENT) for delivery in July. It was up $2.03, or 1.7 percent, at $119.43 a barrel and was up 6.1 percent for the week.
Crude oil contracts were driven by rising demand for gasoline. and low US gasoline stocks
The US Energy Information Administration (EIA) released data indicating that U.S. gasoline stocks are currently about 8 percent below their five-year average at this time of year.
Traders expect Demand for oil is likely to increase over the weekend as Memorial Day is the season when Americans drive away. The said season will begin at the end of May. until the US Labor Day holiday in September
Investors will keep an eye on the European Union (EU) summit on May 30-31 to consider sanctions on Russian oil. European Council President Charles Michel is confident EU members can reach an agreement before the meeting.
In addition, investors expect that Petroleum Exporting Countries (OPEC) and its allies or OPEC Plus will continue to adhere to the original agreement at the meeting next week According to news sources OPEC Plus will continue to stick to its commitments at its June 2 meeting, adding only 432,000 barrels/day of oil production for July. Unchanged from June
By InfoQuest News Agency (28 May 65)