Crude oil

WTI crude futures slipped for a second session to trade near $120 per barrel on Friday, as investors weighed the demand outlook after Shanghai reimposed fresh lockdowns in parts of the city and announced a round of mass testing for millions of its residents this weekend. This countered signs of solid fuel demand in the US amid the peak summer driving season, with US gasoline stockpiles at the lowest seasonal level since 2014. Meanwhile, the US oil benchmark is still set for a seventh straight weekly advance and hovers near multi-year highs as a tight global supply continues to support prices. Last week, OPEC+ agreed to accelerate output increases over the next two months to tame runaway fuel prices and slow inflation. However, OPEC warned that most of its members are “maxed out” on crude production and analysts considered the move hardly enough to compensate for lost Russian supply, with the EU working toward a ban on Russian crude imports. Historically, Crude oil reached an all time high of 147.27 in July of 2008. The West Texas Intermediate (WTI) benchmark for US crude is the world’s most actively traded commodity. Crude Oil prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.

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