Crude oil prices edged up slightly in morning trade on fears of limited supplies coupled with increased global demand for fuel derivatives.
Oil prices fluctuate amid various factors related to fears of weak demand from China (the world’s second largest oil consumer) due to the Corona shutdown and strong demand in the rest of the world.
The European Union will meet later this month to decide on a sixth round of sanctions against Russia, including a ban on crude oil exports.
By 0623 GMT, Brent crude for July delivery rose 0.95%, or $1.04, to $111.04 a barrel.
Futures for US West Texas Intermediate crude for July delivery also rose 0.77%, or 85 cents, to $111.2 a barrel.
Russia is the world’s second largest producer of crude oil after the United States, with an average daily production of 11.2 million barrels under normal conditions.
Source: El Iktisad
