Oil at Highest in 11 Weeks Amid Tight Global Market
WTI rose 1.6% this week, posting a fifth straight weekly gain
BofA warns of Brent at $150/bbl if supplies don’t recover
Oil posted a fifth straight weekly gain to close at the highest since early March on continued signs of tight fuel inventories as Americans head into summer driving season.
West Texas Intermediate settled above $115 after trading in a volatile session ahead of the Memorial Day holiday. Drivers are facing soaring costs heading into the peak holiday driving period with gasoline stockpiles at the lowest seasonal level since 2014. New York gasoline futures settled above $4 a gallon first the first time since March 16.
Fuel markets have tightened globally following Russia’s Ukraine invasion in late February, which has upended trade flows and fanned inflation. The Biden administration is reaching out to oil companies to inquire about shutteredrefineries, according to a person familiar with the matter.
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