Oil prices rose for a fourth day on Friday as fears over Russian supply disruption trumped COVID-19 lockdowns in China, the world's biggest crude importer.
Brent crude futures rose $1.60, or 1.5%, to $109.19 a barrel by 0912 GMT after gaining 2.1% in the previous session. The front-month June contract expires later on Friday. The more active July contract rose $1.48 to $108.74.
"With both full and partial lockdowns ramping up since March, China's economic indicators have plunged further into the red. We now expect China's GDP to slow further in Q2," Wood Mackenzie's head of APAC economics, Yanting Zhou, said in a note.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Iran Ramps Up Oil Exports as China Pulls Back on Russian CrudeIran’s growing oil exports illustrate how the invasion of Ukraine is redrawing the world’s energy trade routes, as energy consumers look for alternatives to Russian oil and gas to avoid Western sanctions.
Read more »
US Energy Secretary pushes for move away from Russian oil and gas, toward renewable energyOIL & GAS - U.S. Energy Secretary Jennifer Granholm said Wednesday that Russia’s war on Ukraine “screams” that the world needs to stop importing oil and gas from Russia and instead move toward other forms of energy.
Read more »
WTI eyes $110.00 on renewed supply worries as EU progresses toward Russian oil embargoWest Texas Intermediate (WTI), futures on NYMEX, are trading near Thursday’s last traded price at $104.16. The oil prices have witnessed a strong rebo
Read more »
Indonesia, the world's biggest palm-oil exporter, is facing a shortage of cooking oilIndonesia, the world's biggest palm-oil exporter, is facing a shortage of cooking oil — and it's going to affect the price of everything from cheese to candy bars
Read more »