Oil Up Over Tight Supply and Growing Demand By Investing.com

Oil Up Over Tight Supply and Growing Demand

Commodities May 23, 2022 06:38

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Oil Up Over Tight Supply and Growing Demand

By Gina Lee

Investing.com – Oil was up on Monday morning in Asia as the U.S. peak driving season sees higher demand.

Brent oil futures gained 0.63% to $110.71 by 12:26 AM ET (4:26 AM GMT) and crude oil WTI futures jumped 0.54% to $110.88.

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

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

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

Despite concerns about soaring oil prices might dent demand, mobility data from TomTom and Google shows that more people are on the roads in the U.S.

“High frequency data suggests demand continues to grow,” ANZ analysts said in a note.

A weakening dollar also gave the black liquid a boost because that makes crude cheaper for buyers holding other currencies.

However, market gains were capped by concerns over China’s effort to crush COVID with lockdowns. The world’s largest oil importer is loosening its lockdowns in Shanghai and cut its five-year loan prime rate last week, signaling that the authorities are supporting a recovery.

The European Union was not able to achieve an agreement on banning Russian oil for its invasion of Ukraine, which also kept oil prices in check.

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