International oil prices rose in morning trading, on Monday, as demand for fuel in the United States, tight supplies and a slight decline in the dollar supported the market, at a time when Shanghai is preparing to reopen after a two-month shutdown, raising concerns about a sharp slowdown in growth.
Brent crude futures rose 82 cents to $113.37 a barrel, while US crude oil futures rose $1 to $111.28 a barrel, adding to last week's small gains. For both decades, Reuters reported.
Oil prices are being supported as gasoline markets remain tight amid strong demand heading for peak driving season,' said Stephen Innes, managing partner at SBI Asset Management. in the United States.
He added that refineries are usually in a ramp-up mode to meet the large needs of American drivers at gas stations.
The peak driving season in the United States traditionally begins on Memorial Day weekend at the end of May and ends on Labor Day in September.
Despite fears of rising fuel prices likely to dampen demand, analysts have said that mobility data from TomTom and Google have surged in recent weeks, suggesting However, more people were on the roads in places like the United States.
High-frequency data indicates demand continues to grow, ANZ analysts said in a note.
The weaker US dollar also sent oil prices higher on Monday, making crude oil cheaper for buyers holding other currencies.
However, market gains were capped by concerns about China's efforts to combat the COVID pandemic through lockdowns, even as Shanghai reopened on June 1.< /p>
