Crude Oil Closes Up Over $1 on Friday and Rises Over 2% for the Week

Crude oil futures closed higher on Friday (May 20), buoyed by concerns about tight oil supplies.

  • WTI crude futures were up $1.02, or 0.9%, at $113.23 a barrel.
  • BRENT crude futures were up 51 cents, or 0.5%, at $112.55 a barrel.

For the week, U.S. crude futures rose 2.5%, while Brent crude futures gained 0.9%.

Crude oil prices have risen as the European Union (EU) has gained more support for proposals to ban Russian crude oil imports. This is part of the sanctions in response to the Russian invasion of Ukraine.

In addition, oil prices were also driven by confidence that China will have higher demand for oil. The People’s Bank of China (PBOC) cut interest rates on premium loans more than expected to boost the economy affected by the COVID-19 closure.

The Spot Market is Closed

Saturday, May 21, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
13.00

110.35

+0.46

+0.42%

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