NEW YORK: Oil prices rose about 4 per cent on Friday as US gasoline prices jumped to an all-time high and stock markets soared on fears supplies would tighten if the European Union bans Russian oil after Moscow sanctioned European units of state-owned Gazprom.

Earlier this week, oil prices were kept in check by worries about inflation, a strong US dollar and slower global growth due to China’s Covid-19 lockdowns and Russia’s invasion of Ukraine.

Brent futures rose $3.97, or 3.7pc, to $111.42 a barrel by 12:32pm EDT (1632 GMT), while US West Texas Intermediate (WTI) crude rose $4.38, or 4.1pc, to $110.51.WTI was on track for its highest close since March 25 and its third weekly rise. Brent remained on track for its first weekly decline in three weeks.

Published in Dawn, May 14th, 2022