(ANSA) – MILAN, MAY 30 – Brent goes back to over 120 dollars a barrel, at its highest in two months, in the wake of war tensions and fears about supplies from Russia that many countries are avoiding after the invasion of ‘Ukraine, with the effect of reducing the supply of fuels and refined products. European oil increased by 1.1% to 120.78 dollars a barrel while the American WTI rose by 1% to 116.18 dollars.
The new rise in Brent comes as European leaders are working to try to close a political agreement today on the Russian oil embargo that would have the effect of further ‘drying out’ the market. But China’s easing of Covid containment measures also contributes to the price rush, with the Shanghai commercial hub allowing all manufacturers to resume operations starting in June while the government said the pandemic is under control in Beijing.
“There is a limited supply,” Ole Hansen, head of commodities strategy at Saxo Bank, told Bloomberg. According to the analyst, the market spotlight is “Chinese demand and the beginning of the ‘driving season’ in the United States”, that is, the increase in car trips linked to the arrival of summer. (HANDLE).
Source: Ansa
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