Oil firms on tight supply as U.S. driving season looms
MELBOURNE (Reuters) -Oil prices gained on Monday with U.S. fuel demand, tight supply and a slightly weaker U.S. dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown fuelled worries about a sharp slowdown in growth. Brent crude futures rose 97 cents to $113.52 a barrel at 0651 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 80 cents, or 0.73%, to $111.08 a barrel, adding to last week’s small gains for both contracts. “Oil prices are supported as gasoline markets remain tight amid solid demand heading into the peak U.S. driving season,” said SPI Asset Management managing partner Stephen Innes.
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