Oil gains as investors weigh Russian ban and China outlook
BNN Bloomberg
Oil climbed, bookending another tumultuous week of trading, as investors weighed the prospect of a European Union ban on Russian crude and uncertainty over China’s virus resurgence.
West Texas Intermediate rose 2.7 per cent while gasoline futures hit a record high. Some EU nations said the bloc may have to consider delaying a proposed oil embargo if it can’t get Hungary to agree to it. Meanwhile, authorities in Beijing denied rumors that the city will go into lockdown even as new COVID-19 cases climbed.
Investors are also assessing the impact of shrinking American fuel stockpiles ahead of the summer driving season. Gasoline futures in the U.S. are trading US$55 a barrel above crude, the widest gap in years. Retail prices of the motor fuel also climbed to a fresh record, AAA data showed Friday.
