US crude oil on track for five straight months of gains
Prices are getting a lift by the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil
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Oil prices were trading higher Friday morning as the outlook for demand is still a concern due to China's COVID-19 lockdowns.
U.S. West Texas Intermediate crude gained $1.22 to $106.65 a barrel after settling 3.3% higher on Thursday.
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Brent futures rose $1.60 to $109.19 a barrel after gaining 2.1% in the previous session.
A pumpjack drills for oil in the Monterey Shale, California. REUTERS/Lucy Nicholson (REUTERS/Lucy Nicholson)
Both contracts are set to close the week higher.
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U.S. crude is on track to post five straight months of gains.
Prices are getting a lift by the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil, according to Reuters.
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On the supply side, OPEC+ is likely to stick to its existing deal and agree another small output increase for June when it meets on May 5, six sources from the producer group told Reuters on Thursday.