Oil On The Rise Despite Stock Market Falls – 5 May, 2022

Oil prices were on the rise for the third consecutive day by the end of the week, leaving behind concerns about global economic growth as worries about tightening supplies underpinned prices ahead of an impending European Union embargo on Russian oil. Brent futures rose 84 cents or 0.8% to $111.74 per barrel. U.S. West Texas Intermediate crude climbed 80 cents, or 0.7%, to $109.06 per barrel. Both Brent and WTI are on track to rise for a second straight week, buoyed by the EU’s proposal to phase out supplies of Russian crude oil in six months and refined products by the end of 2022. It would also ban all shipping and insurance services for transporting Russian oil. OPEC and allied producers agreed to another modest monthly increase in oil output, raising June production by 432,000 barrels per day, in line with its plan to unwind curbs made when the pandemic hammered demand.