Crude Oil Prices Rise Slightly

Crude oil futures closed higher on Thursday (May 5), with markets continuing to be supported by forecasts that world oil markets will face tightening conditions after the European Union (EU) announced preparations for sanctions against Russian oil imports.

  • WTI crude futures were up 45 cents, or 0.4%, at $108.26 a barrel.
  • BRENT crude futures were up 76 cents, or 0.7%, at $110.90 a barrel.

The oil market has been positive as European Commission President Ursula von der Leyen has proposed that EU member states suspend imports of Russian crude oil within six months and imports of Russian refined oil products by the end of this year in response to the Russian military invasion of Ukraine.

In addition, crude oil contracts received support after OPEC and OPEC+ decided to stick to the original agreement on production policy for June. It will continue to increase production by 432,000 barrels per day in June. This is unchanged from May.

OPEC+ took such a decision despite calls from the United States and other oil-importing countries for OPEC+ to increase production above current levels after oil prices rose above $139 per barrel in March.

The Spot Market is Open

Friday, May 6, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
11.00

108.93

+0.67

+0.62%

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