Tighter Than Expected Supply Causes Oil To Firm – 25 May, 2022

Oil prices were up on Thursday on signs of tight supply while the European Union wrangles with Hungary over plans to ban imports from Russia, the world’s second-largest crude exporter. Brent crude futures for July settlement inched up 7 cents, or 0.1%, to $114.10 per barrel. U.S. West Texas Intermediate crude futures for July delivery climbed 22 cents, or 0.2%, to $110.55 per barrel. A larger than expected drawdown in U.S. inventories for the week of May 20 due to soaring exports buoyed the market on Wednesday.