Oil prices remained strong despite other market movements seen as volatile, supported by the prospect of higher demand from the easing of China’s coronavirus restrictions and the driving season in the United States.
Ahead of the opening of the European session, Brent oil futures traded consolidating at a 3 -month high at around $ 120 a barrel. Meanwhile, US WTI strengthened at $ 119 a barrel.
Both benchmarks are now not far from the 14-year high level once reached in March when Russia’s invasion of Ukraine began.
Investors are now preparing for the release of official data on U.S. crude oil inventories which is expected to show another decline last week by the Energy Information Administration (EIA).
However, data from the American Petroleum Institute (API) previously showed that U.S. crude oil inventories and oil products increased in the past week.
The oil market has maintained its upward momentum this year as the economy recovered from a coronavirus outbreak with support from the war in Ukraine that added further pressure on world commodity prices.
