10:29 - 2022-05-13
Oil prices continued to rise on Friday, but are heading for their first weekly loss in three weeks, as fears of inflation and slowing global growth were outweighed by the closures in China to combat the pandemic, due to concern over dwindling fuel supplies from Russia.
Brent crude futures rose $1.81, or 1.7%, to $109.26 a barrel.
US West Texas Intermediate crude futures rose $1.55, or 1.5 percent, to $107.68 a barrel.
However, both benchmarks contracts are heading towards recording a weekly decline, with Brent crude expected to drop by about 3% and US crude to fall by about 2%.
The market remains volatile, with the European Union possibly imposing a ban on Russian oil supplies, leading to supply shortages, and concerns about faltering global demand.
But analysts continue to focus on a possible European Union embargo on Russian oil after Moscow imposed sanctions this week on European units of state-owned Gazprom and after Ukraine blocked a major gas transit route.
[You must be registered and logged in to see this link.]