SULAIMANI (ESTA) — Oil prices rose on Friday, even though worries about inflation and China’s COVID lockdowns slowing global growth offset concerns about dwindling supplies from Russia.
Brent crude futures were up $1.73 at $109.2 a barrel at 1157 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed $1.69 to $107.8 a barrel.
The market is continuing to be pushed and pulled by the prospect of a European Union ban on Russian oil tightening supply and concerns about faltering global demand, according to Reuters.
SPI Asset Management managing partner Stephen Innes told Reuters that oil traders were looking “for a glimmer of light at the end of China’s gloomy lockdown tunnel”.
“Still, we continuously end up at square one with lower case counts weighted against the authorities doubling down on their zero COVID policy,” Reuters cited him as saying.
Inflation and rate rises have driven the U.S. dollar to 20-year highs, capping oil price gains as a stronger dollar makes oil more expensive when purchased in other currencies.
