Energy Preview: Crude Bounces On Supply Fears

16 May 2022 , 12:06 AM

WTI Crude oil prices rose sharply on Friday, as fears of supply shortage outweighed concerns about a slowdown in global economic growth. Gasoline prices soared to record highs, contributing significantly to the sharp jump in crude oil prices. In China, authorities pledged to support the economy and city officials said Shanghai would start to ease coronavirus traffic restrictions and open shops this month. West Texas International Crude oil futures for June ended higher by $4.36 or about 4.1% at $110.49 a barrel. Meanwhile, the International Energy Agency (IEA) said on Thursday that tightening sanctions on Russias oil exports, including a planned European Union embargo, would take a heavy toll on the nations oil industry and could set its crude oil output back by nearly two decades.Powered by Commodity Insights