OIL PRICE: BRENT ABOVE $108, WTI ABOVE $105
Vladimir Vinogradov
WOGNEWS.NET, Global Energy Market Climate Changes News. Новости мирового энергетического рынка, изменений климата.
Brent rose 88 cents, or 0.8%, to $108.47 a barrel. WTI gained 55 cents, or 0.5%, to $105.91 a barrel.
Both contracts are set to close the week higher and post their fifth straight monthly gains, buoyed by the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil.
Still, oil prices have been volatile as China has shown no sign of easing lockdown measures despite the impact on its economy and global supply chains.
On the supply side, OPEC+ is likely to stick to its existing deal and agree another small output increase for June when it meets on May 5, six sources from the producer group told Reuters on Thursday.?
However, Russia's oil production may fall by as much as 17% in 2022, an economy ministry document seen, as Western sanctions imposed on Moscow over its invasion of Ukraine hurt investments and exports.
Sanctions have also made it increasingly difficult for Russian ships to send oil to customers, prompting Exxon Mobil Corp to declare force majeure for its Sakhalin-1 operations and curtail output.