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Oil gains on tight supply as U.S. driving season looms

May 23, 2022

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Oil prices rose slightly on Monday, supported by U.S. fuel demand, tight supply and a lack of progress towards a European ban on Russian oil, as Shanghai prepares to reopen after a two-month coronavirus lockdown that fuelled economic growth fears.

Extending last week’s small gains, Brent crude futures rose 53 cents, or 0.5%, to $113.08 a barrel by 1345 GMT while U.S. West Texas Intermediate (WTI) crude 34 cents, or 0.3%, to $110.62.

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