Oil recoups after 2 days of declines, Brent above $110

19/05/2022 Argaam

Oil drilling rigs

Oil reclaimed some ground today, May 19, after logging declines over the past two days, amid hopes that relaxed COVID-19 measures in China will help boost demand.

 

Brent crude was trading up 1.04% at $110.24 per barrel, at 9:02 am GMT. West Texas Intermediate (WTI) crude rose 0.38% to $110.01 a barrel.

 

Global oil markets have fluctuated since late February, following Russia’s invasion of Ukraine and the related disruptions in supply. However, prices are still up more than 40% this year, along with low inventories and record gasoline prices.

 

Meanwhile, the European Commission on May 18 unveiled a 210 billion euro ($220 billion) plan for Europe to end its dependence on Russian fossil fuels by 2027.

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