• About
  • Advertise
  • Privacy & Policy
  • Contact
JoyNewsRoom
  • Home
  • News
  • Entertainment
    AG files fresh charges in NAM 1 case, drops three year old trial 

    AG files fresh charges in NAM 1 case, drops three year old trial 

    Lil Win to contest Afigya Kwabre South parliamentary seat

    Lil Win to contest Afigya Kwabre South parliamentary seat

    The day that saw King Charles’ coronation also crowned Black Sherif king

    The day that saw King Charles’ coronation also crowned Black Sherif king

    5 Ghanaian artistes who still made huge impact after going solo – Reagan Mends writes

    5 Ghanaian artistes who still made huge impact after going solo – Reagan Mends writes

    Dancehall artiste Rudebwoy Ranking reported dead

    Dancehall artiste Rudebwoy Ranking reported dead

    Big Brother will return next year on ITV2 and online

    Big Brother will return next year on ITV2 and online

  • Politics
  • Local
  • Sports
  • World
No Result
View All Result
  • Home
  • News
  • Entertainment
    AG files fresh charges in NAM 1 case, drops three year old trial 

    AG files fresh charges in NAM 1 case, drops three year old trial 

    Lil Win to contest Afigya Kwabre South parliamentary seat

    Lil Win to contest Afigya Kwabre South parliamentary seat

    The day that saw King Charles’ coronation also crowned Black Sherif king

    The day that saw King Charles’ coronation also crowned Black Sherif king

    5 Ghanaian artistes who still made huge impact after going solo – Reagan Mends writes

    5 Ghanaian artistes who still made huge impact after going solo – Reagan Mends writes

    Dancehall artiste Rudebwoy Ranking reported dead

    Dancehall artiste Rudebwoy Ranking reported dead

    Big Brother will return next year on ITV2 and online

    Big Brother will return next year on ITV2 and online

  • Politics
  • Local
  • Sports
  • World
No Result
View All Result
JoyNewsRoom
No Result
View All Result

Oil firms on tight supply as US driving season looms

Joynewsroom by Joynewsroom
May 23, 2022
in Business
0
Oil firms on tight supply as US driving season looms

Brent crude futures rose 97 cents to US$113.52 a barrel at 0651 GMT, while U.S. West Texas Intermediate crude futures climbed 80 cents to US$111.08 a barrel.

 Oil prices gained on Monday with U.S. fuel demand, tight supply and a slightly weaker U.S. dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown fuelled worries about a sharp slowdown in growth.

Brent crude futures rose 97 cents to US$113.52 a barrel at 0651 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 80 cents, or 0.73%, to US$111.08 a barrel, adding to last week’s small gains for both contracts.

“Oil prices are supported as gasoline markets remain tight amid solid demand heading into the peak U.S. driving season,” said SPI Asset Management managing partner Stephen Innes.

“Refineries are typically in ramp-up mode to feed U.S. drivers’ unquenching thirst at the pump.”

The U.S. peak driving season traditionally begins on Memorial Day weekend at the end of May and ends on Labour Day in September.

Analysts said despite fears about soaring fuel prices potentially denting demand, mobility data from TomTom and Google had climbed in recent weeks, showing more people were on the roads in places like the United States.

A weaker U.S. dollar also sent oil higher on Monday, as that makes crude cheaper for buyers holding other currencies.

Market gains have been capped, however, by concerns about China’s efforts to crush COVID-19 with lockdowns, even with Shanghai due to reopen on 1 June. Lockdowns in China, the world’s top oil importer, have hammered industrial output and construction, prompting moves to prop up the economy, including a bigger-than-expected mortgage rate cut last Friday.

“COVID-19 lockdowns are a transitory drag on demand in China, although elsewhere demand is holding up well,” ANZ analysts said in a note.

“We expect industrial activity to pick up, as stimulus measures kick in,” ANZ added.

The European Union’s inability to reach a final agreement on banning Russian oil for its invasion of Ukraine, which Moscow calls a “special operation”, has also stopped oil prices from climbing much higher.

Source: asaaseradio
Tags: Fuel PricesOil FirmsSupplyUS Driving Season
Previous Post

Jackie Mensah: I used to prank call Yvonne Nelson when I was seven

Next Post

PICTURES: Lil Win ties the knot in beautiful traditional ceremony

Joynewsroom

Joynewsroom

Next Post
PICTURES: Lil Win ties the knot in beautiful traditional ceremony

PICTURES: Lil Win ties the knot in beautiful traditional ceremony

Browse by Category

  • Business
  • Education
  • Entertainment
  • Featured
  • General
  • Health
  • Lifestyle
  • Local
  • News
  • Opinion
  • Politics
  • Sports
  • Uncategorized
  • World
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2018 JoyNewsRoom Crafted by Creative Consult.

No Result
View All Result
  • Home
  • News
  • Entertainment
  • Politics
  • Local
  • Sports
  • World

© 2018 JoyNewsRoom Crafted by Creative Consult.