Oil prices rally to near three-month high amid tight market – The National

Oil prices rally to near three-month high amid tight market – The National

Oil prices rallied to their highest since March amid tighter supplies, the EU considering a ban on Russian crude and China easing its lockdown in its largest commercial city, signalling an anticipated pick-up in fuel consumption.

Brent, the global benchmark for two thirds of the world's oil, was up 1.73 per cent at the end of trading on Friday to $119.4. This is the highest rebound since the benchmark hit nearly $140 in March. West Texas Intermediate, the gauge that tracks US crude, gained 0.86 per cent to $115.07 a barrel at the end of trading on Friday, marking its fifth consecutive weekly gain.

"The Opec+ meeting is the key event to watch next week but, even if we get a commitment to increase targets — which is unlikely — that will only likely increase the amount to which they’ll fall short of them," said Craig Erlam, a senior market analyst at Oanda.