Oil drilling rigs

Oil prices were stable today, May 17, amid hopes that demand is likely to increase in China as the country eases lockdown measures, following a decline in COVD-19 cases.

 

Brent crude was trading up 0.1% at $114.34 per barrel, at 8:58 am Makkah time. West Texas Intermediate (WTI) crude was trading at $114.17 a barrel, after rising more than 14% over the past four sessions.

 

Shanghai reported no new COVID-19 case for the third consecutive day, with the authorities indicating that this may allow them to lift lockdown measures.

 

Prices also found support from reports that some diplomats and European Union officials had expressed optimism about a deal on a phased ban on Russian oil, despite concerns about supplies in Eastern Europe.

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