Oil Extends Gains Ahead of U.S. Summer Demand – 8 June, 2022
Oil prices carried gains into Thursday as demand is expected to rebound as China curbs COVID-19 lockdowns across major cities. Brent crude futures for August rose 0.4% or 50 cents to $124.08 per barrel. U.S. West Texas Intermediate crude for July was at $122.49 a barrel, up 38 cents, or 0.3%. Both benchmarks closed Wednesday at their highest since March 8, matching levels seen in 2008. U.S. gasoline stocks unexpectedly dropped, indicating resilience in demand for the motor fuel during peak summer despite sky-high pump prices.