WASHINGTON (dpa-AFX) - Oil prices inched higher on Friday and were set for seventh weekly gain on expectations that demand would outstrip supply in the foreseeable future.
Benchmark Brent crude futures edged up 0.3 percent to $123.2 a barrel, while WTI crude futures were up 0.3 percent at $121.86.
Brent was on track for a fourth consecutive weekly gain and WTI for a seventh straight weekly increase after having hit their highest closes since March 8 earlier this week.
Today's gains remained modest as the mass testing announcements in Shanghai sparked fears of a return to stringent, prolonged lockdowns.
China said it will reimpose Covid-19 lockdowns in eight out of 16 of Shanghai's districts after the country's largest economic hub recorded a cluster outbreak of COVID-19.
Parts of Beijing have also reimposed some restrictions, raising fears of reduced demand from the world's largest crude importer.
Meanwhile, after the ECB delivered a hawkish guidance, investors now await the release of U.S. consumer inflation data later in the day that could influence the Federal Reserve's rate-hike roadmap for fighting inflation.
The annual rate of consumer price growth is expected to hold at 8.3 percent in May, while the annual rate of core consumer price growth is expected to slow to 5.9 percent from 6.2 percent.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
