Oil inched higher on revived supply concerns, China reopening

The international crude oil benchmarks settled the trading day on Friday, 20 May 2022 higher as the EU hopes to clinch a deal to ban Russian crude imports while Shanghai remains on track to reopen this 1 June despite having detected the first community infection case in five days. Threats to the global supply increased amid the improved demand outlook supporting the uptrend.

Brent gained 51 cents to close at $112.55/barrel. 

WTI jumped $1.02 to settle at $113.23/barrel.