Oil rose on better demand outlook, tight supply remains on focus

International benchmarks for crude oil surge another 4% on Friday, 13 May 2022, fanning by reports of China might be easing lockdown as Shanghai entered the second day without any new community infection cases. Meanwhile, German is drafting a plan to ban the import of Russian oil, further straining the already tight global supply.

Brent settled $4.10 or 3.8% higher at $111.55/barrel. 

WTI jumped $4.36 or 4.1% to close at $110.49/barrel.