Concerns over an increase in Omicron variant cases around the world drove down global oil…
Oil prices increase due to growing demand.
Oil prices increased on Friday due to an increase in global oil demand.
At 9:50 a.m. local time (0650 GMT), international benchmark Brent crude was trading at $105.32 a barrel, up 1.41 percent from the previous session’s closing price of $103.86.
American benchmark West Texas Intermediate (WTI), which closed the previous session at $96.35 per barrel, was trading at $97.66 per barrel simultaneously, an increase of 1.36 percent.
Rising price movements are supported by data indicating record-high gasoline consumption in India in June and strong demand signals from Asia.
Pricing is rising due to a potential ceiling on Russian oil prices.
Wally Adeyemo, the deputy secretary of the US Treasury, suggested on Wednesday that a deal on capping the price of Russian oil by December might be reached.
Fears of a recession in the US and Europe, which might slow the rise in the world’s oil consumption, nevertheless continue to put a ceiling on oil price growth.