Business News Asia
Crude oil futures closed higher on Friday (May 13) on concerns about tight supply in global markets.
WTI crude futures rose $4.36, or 4.1%, at $110.49 a barrel. and rose 0.7% this week.
BRENT crude futures were up $4.1, or 3.8%, at $111.55 a barrel, but were down 0.7% for the week.
The U.S. oil rig count rises by 9 to 714 this week, Baker Hughes reported Saturday morning. The number of U.S. oil rigs has increased steadily over the past 7 weeks.
The market remains concerned about the tight oil supply as the EU provides more support for sanctions against Russian oil.
On the other hand, concerns about oil demand continued to grow. OPEC lowered its forecast for global oil demand growth in 2022, citing the impact of geopolitical tensions and the COVID-19 pandemic.
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Saturday, May 14, 2022