Oil prices rose within the last week as investors weighed tight as concerns about global growth were exacerbated by-product markets and a weaker dollar.
It has gained for four consecutive weeks, the longest run since February, as West Texas Intermediate climbed toward $111 a barrel.
The price of gasoline and diesel has risen to records ahead of the start of the US driving season, which begins in about a week. Money managers have also increased their bullish crude bets.
Saudi Arabia signaled at the weekend that it will continue to support Russia’s role in the OPEC+ group of producers, undermining US efforts to isolate Russia for its invasion of Ukraine. Prince Abdulaziz bin Salman said the kingdom was hoping to reach an agreement with OPEC+, which includes Russia.
As a result of rising demand and the global fallout from Russia’s invasion, oil prices have surged this year.
Energy costs have increased, causing central banks to raise interest rates and stoking investor concerns about slowing growth.
Likewise, China has imposed a series of stringent lockdowns to tame Covid-19 outbreaks, hurting Asia’s largest economy.
China remains a mixed bag. Shanghai officials have established criteria to classify parts of the commercial hub as low-risk for Covid-19 as they seek to end the deadly pandemic at Beijing, however, the number of cases reported was at an all-time high, raising concerns about a lockdown in the capital.
Crude’s price may have been boosted by a weaker dollar, which makes the commodity cheaper for holders of other currencies.
The Greenback fell on Monday after a 1.4% drop last week, the most since November 2020.
