New York West Texas Intermediate Crude Oil (WTI) ended slightly higher on Monday (May 23), boosted by expectations that US oil demand will increase during the summer. which is the season when Americans will travel
- The WTI crude oil contract will be delivered in June. It was up 1 cent, or 0.01%, at $110.29 a barrel.
- The Brent crude oil contract (BRENT) will deliver in July. It was up 87 cents, or 0.7%, at $113.42 a barrel.
Investors expected that U.S. oil demand will increase during the travel season, which runs from the Memorial Day holiday at the end of May through the Labor Day holiday in September.
Crude oil futures are also boosted as the European Union (EU) prepares to impose sanctions on Russian oil, with the EU meeting a summit on May 30-31 to consider the deal.
In addition, investors responded to the rising demand for oil in China. With Shanghai planning to end the lockdown measures on June 1, as well as the start of China’s economic stimulus measures. This includes cutting the five-year prime customer loan (LPR) rate by 0.15% to 4.45% from 4.6%, the biggest cut since 2019, to revive the hard-hit economy. from the lockdown measures
Investors Keep an Eye on the Weekly US Crude Stock Report The US Energy Information Administration (EIA) will release the information on Wednesday at 9:30 p.m.
By InfoQuest News Agency (24 May 65)