Oil extends gains as supply fears outweigh China lockdowns | Reuters

Oil extends gains as supply fears outweigh China lockdowns | Reuters

Oil prices rose for a fourth day on Friday as fears over Russian supply disruption trumped COVID-19 lockdowns in China, the world's biggest crude importer.

Brent crude futures rose $1.60, or 1.5%, to $109.19 a barrel by 0912 GMT after gaining 2.1% in the previous session. The front-month June contract expires later on Friday. The more active July contract rose $1.48 to $108.74.

U.S. West Texas Intermediate crude gained $1.01, or 1%, to $106.37 after advancing by 3.3% on Thursday.

Both contracts are set to finish up on the week and post their fifth straight monthly gains, buoyed by the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil. read more