Oil posted a fifth straight weekly gain to close at the highest since early March on continued signs of tight fuel inventories as Americans head into summer driving season.
West Texas Intermediate (WTI) settled above US$115 after trading in a volatile session ahead of the Memorial Day holiday. Drivers are facing soaring costs heading into the peak holiday driving period with gasoline stockpiles at the lowest seasonal level since 2014. New York gasoline futures settled above US$4 a gallon first the first time since March 16.
WTI for July delivery on Friday rose US$0.98 to US$115.07 a barrel, up 1.6 percent for
Russia’s invasion of Ukraine has caused one of the biggest upheavals to global petroleum markets in living memory. It still isn’t resulting in a clamor for replacement barrels from west Africa.
Many of the region’s April oil cargoes have yet to find a home because the three biggest customers China, India and Europe are buying less, according to traders specialising in West African barrels.
By Bozorgmehr Sharafedin, Stephanie Kelly and Patricia Vicente Rua
LONDON (Reuters) - Retail gasoline and diesel prices soared to record highs in many countries across the world this week, prompting governments from Brazil to France to consider pumping up subsidies or trimming taxes to shield.