International oil prices rose during trading Thursday, amid hopes that the planned easing of epidemic-related lockdown restrictions in Shanghai will boost fuel demand.
And today, Brent crude futures for July delivery recorded an increase of 1.04%, or the equivalent of $1.13, to reach $110.24 a barrel.
US crude futures for June delivery also rose by 0.38%, or 42 cents, at $110.01 a barrel.
The global oil market has been volatile since late February, when the Russian invasion of Ukraine disrupted energy flows, but prices are still up more than 40% this year with low inventories. And record prices for gasoline.
The European Commission yesterday unveiled a 210 billion euro ($220 billion) plan for Europe to end its dependence on Russian fossil fuels by 2027.
The data of the US Energy Information Administration revealed yesterday, that oil stocks fell by 3.4 million barrels for the week ending on May 13, which was contrary to expectations that were referring to An increase of more than two million barrels.
US inventory data increased concerns about weak supplies, especially after refineries increased their production in response to weak global supplies and high exports, as refineries approached the East Coast and the Gulf Coast. of recording the highest possible playback rates.
