Oil prices to hover $100 on supply disruption fear

Oil prices to hover $100 on supply disruption fear

Opec+ may sticks to output deal when it meets on May 5; China lockdowns weigh on oil demand outlook

Brent and US West Texas Intermediate (WTI), two international benchmarks, sustained an upward trend last month and rose 1.5 per cent and 6.4 per cent, respectively, reflecting their fifth straight monthly increases. — File photo

Published: Sun 1 May 2022, 4:26 PM Last updated: Sun 1 May 2022, 4:27 PM

Opec+ may sticks to output deal when it meets on May 5; China lockdowns weigh on oil demand outlook

Oil prices are likely to hover around $100 a barrel in near future due to fear of Russian supply disruption, lower demand in China and reluctance of major oil producers to increase production capacity, experts say.

Brent and US West Texas Intermediate (WTI), two international benchmarks, sustained an upward trend last month and rose 1.5 per cent and 6.4 per cent, respectively, reflecting their fifth straight monthly increases. Brent crude futures, which rose $1.99, or 1.9 per cent, to $109.58 a barrel during the intra-day trading in London ended at $109.34 a barrel on Friday while WTI rose $1.40, or 1.3 per cent, to $106.76 in late trading ended at $104.69 per barrel.

Analysts and market experts said