Oil jumps 3pc to 2-month high

Published May 27, 2022
A crude oil tanker is seen at Qingdao Port, Shandong province, China, April 21, 2019. — Reuters
A crude oil tanker is seen at Qingdao Port, Shandong province, China, April 21, 2019. — Reuters

NEW YORK: Oil prices rose about three per cent to a two-month high on Thursday on signs of tight supply ahead of US summer driving season, as the European Union (EU) wrangled with Hungary over plans to ban crude imports from Russia over its invasion of Ukraine.

Brent futures for July delivery rose $3.21, or 2.8pc, to $117.24 a barrel by 11:15 a.m. EDT (1515 GMT). US West Texas Intermediate (WTI) crude rose $3.98, or 3.6pc, to $114.31.

Brent was up for the sixth straight day in a row and on track for its highest close since March 25. WTI was headed for its highest close since March 23.

Published in Dawn, May 27th, 2022

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