<div id="firstBodyDiv" data-bind-html-content-type="article" data-bind-html-compile="article.body" data-first-article-body="
Crude futures rose Brent $1.81, or 1.7 percent, to $109.26 a barrel by 0403 GMT. Crude futures rose West Texas $1.55, or 1.5 percent, to $107.68 a barrel.
However, both benchmarks contracts are heading towards recording a weekly decline, with Brent crude expected to drop about three percent and US crude to drop about two percent.
The market continues to experience volatility with the possibility of imposition European Union a ban on supplies oil Russia, leading to a shortage of supply, andFears against the demand faltering global.
Stephen Innes, managing partner at SBI Asset Management, said: oil are looking for "ray from The light at the end of the gloomy Chinese closure tunnel".
. added "However, we always go back to the starting point with the comparison between the decline in the number of cases and the increase in the authorities’ adherence to the zero-Covid policy".
Inflation and a sharp rise in interest rates pushed the US dollar to its highest level in 20 years, limiting from price gains oilas the rise of the dollar makes oil The highest cost when purchased in other currencies.
But Analysts continue to focus on the possibility of a European Union ban on oil This week, Russia imposed sanctions on European units of state-owned Gazprom and after Ukraine blocked a major gas route.
Jeffrey Haley, chief market analyst at Oanda, said in a note "With rising natural gas prices in Europe, from Some effect is likely to extend to oil".
A report issued by the International Energy Agency on Thursday highlighted the contradictory factors in the market, as it said that the rise in production oil In the Middle East and the United Stateschallengeand slow growth the demand "from They are expected to prevent a severe supply shortage amid the growing disruption to Russian supplies".
The agency said it expects Russia’s production to drop by about three million barrels per day from July, about three times the current halt, if the sanctions imposed on it due to its war on Ukraine are expanded or if fromaw more from the purchase.
“>
Crude futures rose Brent $1.81, or 1.7 percent, to $109.26 a barrel by 0403 GMT. Crude futures rose West Texas $1.55, or 1.5 percent, to $107.68 a barrel.
However, both benchmarks contracts are heading towards recording a weekly decline, with Brent crude expected to drop about three percent and US crude to drop about two percent.
The market continues to experience volatility with the possibility of imposition European Union a ban on supplies oil Russia, leading to a shortage of supply, andFears against the demand faltering global.
Stephen Innes, managing partner at SBI Asset Management, said: oil Searching for “a glimmer” from The light at the end of the bleak Chinese lockdown tunnel.
“However, we always go back to the starting point with the comparison between the decline in the number of cases and the increase in the authorities’ adherence to the zero-Covid policy,” he added.
Inflation and a sharp rise in interest rates pushed the US dollar to its highest level in 20 years, limiting from price gains oilas the rise of the dollar makes oil The highest cost when purchased in other currencies.
But Analysts continue to focus on the possibility of a European Union ban on oil This week, Russia imposed sanctions on European units of state-owned Gazprom and after Ukraine blocked a major gas route.
“With natural gas prices rising in Europe, the… from Some effect is likely to extend to oil“.
A report issued by the International Energy Agency on Thursday highlighted the contradictory factors in the market, as it said that the rise in production oil In the Middle East and the United Stateschallengeand slow growth the demand “from They are expected to prevent a severe supply shortfall amid the growing disruption to Russian supplies.”
The agency said it expects Russia’s production to drop by about three million barrels per day from July, nearly three times the current halt, if the sanctions imposed on it due to its war on Ukraine are expanded or if fromaw more from the purchase.