NEW YORK, May 2 (Xinhua) – Oil prices reversed earlier losses, ending higher on Monday as the market rallied on supply risk concerns.
West Texas Intermediate (WTI) June futures on the New York Mercantile Exchange increased by 48 cents or 0.5% to 105.17 US dollars per barrel. Brent oil futures for July delivery rose 44 cents, or 0.4 percent, to $ 107.58 a barrel on the London-based ICE Futures Europe exchange.
Earlier in the session, both crude oil futures fell to $ 100.28 a barrel on the WTI.
Oil prices have “seen days of gains and losses that fluctuate almost like clockwork” as “influential factors cancel each other out,” said Carsten Fritsch, an energy analyst at Commerzbank Research, on Monday.
“Concerns about supply risks continue to play a role as the European Union appears to be moving towards an oil embargo against Russia,” he said.
According to media reports last week, German representatives in the EU have lifted objections to a complete embargo on Russian supplies if Berlin is given enough time to find alternative supplies.
US անդ Brent crude rose 2.6 և 2.5% during the week ending Friday.
Oil prices are rising modestly amid supply concerns
SourceOil prices are rising modestly amid supply concerns