Oil prices rose for a third straight session on Friday, shaking off concerns about global economic growth as upcoming European Union sanctions on Russian oil tightened supply.
Brent futures were up $2.08, or 1.88 percent, to $112.98 a barrel by 0922 GMT, while in the United States WTI crude was up $2.00, or 1.85 percent, to $110.26 a barrel rose.
Brent and WTI are on track to rise for the second straight week, helped by the EU’s proposal to phase out supplies of Russian crude and refined products by the end of 2022. In addition, all shipping and insurance services would be banned for Russian oil shipments.
The threatening EU embargo on Russian oil threatens a serious supply shortage. In any case, OPEC+ is in no mood to help, even if rising oil prices are causing dangerous levels of inflation.
Despite pressure from Western nations to keep increasing production, the Organization of the Petroleum Exporting Countries, Russia and allied producers known as OPEC+ stuck to their plan to increase June production by 432,000 barrels per day. Investors are also expecting increased demand from the United States this fall after Washington announced plans to buy 60 million barrels of crude for emergency supplies.
On Thursday, the Bank of England warned the UK is facing a recession and inflation above 10% as it hiked interest rates to their highest levels since 2009; increased by a quarter percentage point to 1%.
Gold prices fell on Friday, heading for a third straight weekly loss as the US dollar and Treasury yields rose in response to a hawkish Fed. Investors are awaiting US jobs data later in the day to guide the Federal Reserve’s stance.
Gold spot price rose 0.2 percent to $1,881.30 an ounce; However, it was still down about 0.8 percent on the week. Gold futures in the United States rose 0.3 percent to $1,881.60.
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https://www.financebrokerage.com/oil-prices-climbed-for-a-third-straight-session/ Oil prices have risen for the third time in a row