Brent nears $110 as oil rally continues


Crude oil prices continued to climb on Friday as investors considered the impact of supply disruptions amid continued Covid-19 lockdowns in China and the growing possibility of European sanctions on Russia’s energy exports.

As of 1250 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $1.93 (+1.79 percent) to reach 109.52 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, jumped to $106.35 a barrel, up by $0.99 (+0.94 percent). Both benchmarks are set to close the week higher, with WTI on track for a fifth straight month of advances.—TLTP

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