The price of Petroleum Texas Intermediate (WTI) rose 1.4% this Friday and closed at 109.88 dollars a barrel, its third consecutive day on the rise due to pressure on supply due to the consequences of the war in Ukraine.
At the end of trading on the New York Mercantile Exchange (Nymex), futures contracts for the WTI for June delivery gained $1.55 from the previous close.
This rise brushes aside concerns about global economic growth, as looming European Union (EU) sanctions on the Petroleum Russian do anticipate a more limited supply.
On Wednesday, the EU unveiled its plans to impose a progressive ban on Russian oil imports.
The measure, which still needs to be approved by the 27 EU member states, would be applied progressively and with exceptions for Hungary and Slovakia.
In 2021, the EU bought Petroleum to Russia worth 74,000 million euros (more than 78,000 million dollars).
The ministers of the Organization of Exporting Countries of Petroleum and its allies (OPEC +) confirmed on Thursday that they are going ahead with the roadmap adopted in July 2021. That plan provides for a “monthly adjustment mechanism” that sets the joint production ceiling as of June 1 at 42,558 million of barrels per day (mbd), 432,000 bpd more than in May.
Meanwhile, June-expiring gasoline futures were up 10 cents to $3.75 a gallon, and June natural gas futures were down 74 cents to $8.04 per thousand cubic feet.
