NEW YORK, May 27 (Xinhua) – Oil prices rose on Friday amid a shortage of supplies ahead of the US summer driving season.
West Texas Intermediate for July delivery rose 98 cents, or 0.9 percent, to $ 115.07 a barrel on the New York Mercantile Exchange. Brent oil futures for July delivery rose $ 2.03, or 1.7%, to $ 119.43 a barrel on the London-based ICE Futures Europe exchange.
Prices received some support from growing demand for gasoline ցածր from low gasoline inventories in the United States.
According to the US Energy Information Administration, gasoline inventories in the US are currently about 8% lower than the five-year average for this time of year.
“Americans are experiencing record high pump prices, but that does not seem to stop them from traveling or driving right now,” Commerzbank Research analyst Daniel Brizman said on Friday.
Traders are betting that the tight market is likely to survive as the upcoming US Remembrance Week weekend marks the start of the summer driving season.
The oil participants were also watching the European Union closely as the alliance continued to work on an oil embargo deal against Russia.
US crude rose 4.3 percent during the week, and Brent – 6.1 percent, based on first-month contracts.
Oil prices are rising ahead of the US summer driving season
SourceOil prices are rising ahead of the US summer driving season