NEW YORK: Oil prices rose on Wednesday, buoyed by tight supplies and as U.S. refiners drove processing activity to their highest level since before the coronavirus pandemic started.
Brent crude futures for July rose by 48 cents to $114.03 a barrel by 10:50am EDT (1450 GMT). US West Texas Intermediate (WTI) crude for July delivery rose 49 cents, or 0.4PC, to $110.26 a barrel. “Brent crude is trading in a very convincing upwards trend aided by very tight product markets again leading to a hunt for light sweet crudes which are naturally rich in easily refined gasoline and diesel products,” Swedish bank SEB said in a note.
Published in Dawn, May 26th, 2022
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