Oil settles up ahead of U.S. driving season, EU embargo decision | Reuters
Oil prices rose on Friday, closing out the week with gains ahead of the U.S. Memorial Day holiday weekend, the start of peak U.S. demand season, and as European nations negotiate over whether to impose an outright ban on Russian crude oil.
Brent crude rose $2.03, or 1.7%, to settle at $119.43. U.S. West Texas Intermediate (WTI) crude rose 98 cents, or 0.9%, to settle at $115.07 a barrel. For the week, Brent rose 6% while WTI gained 1.5%.
Prices drew support from strong worldwide demand for fuel, with both gasoline and heating oil futures outpacing crude this year.
"Demand is strong with products leading the way, especially gasoline which dragged crude oil up with it,” said John Kilduff, a partner at Again Capital LLC.
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