Brent ends 2-week losing streak, WTI closes above $80

Oil drilling rigs

Oil futures prices bolstered their gains on Friday, May 17, supported by concerns over refinery supplies following storms in Texas and additional Ukrainian drone attacks targeting Russian energy infrastructure.

Brent crude oil futures for July delivery rose by 0.85%, or 71 cents, to $83.98 a barrel, after touching $84.04. This marks a rise of 1.45% since the beginning of the week, ending a two-week losing streak.

US WTI crude oil prices for June delivery increased by more than 1%, or 83 cents, to reach $80.06 a barrel. The contract recorded gains for the second consecutive week, jumping 2.3% in the week.

On the other hand, the Baker Hughes data showed an increase in the number of active US oil rigs by one, reaching 497 rigs for the week ending May 17, marking the first increase in four weeks.

Elsewhere, Morgan Stanley analysts wrote in a note that oil demand is not only continuing to grow, but it is doing so at a rate higher than the historical trend rate.