Oil Steady, Shanghai Preparing to Reopen – 18 April, 2022

After rising 1% the previous session, oil prices were little changed as Libya had to pause some exports and as China prepared to open some factories in Shanghai after a three week shutdown due to an increase in COVID-19 numbers. Brent crude futures rose 0.2% or 21 cents to $113.37 per barrel, while U.S. West Texas Intermediate crude futures fell 2 cents to $108.19 per barrel. Gains were capped as the dollar trading at a two year high which hurt oil buyers holding other currencies. Both benchmark contracts were up 1% the previous session, reaching their highest since March 28 despite Libya saying it could not deliver oil from one of its biggest fields and shut another due to political protests.