Baku 30° C
Oil prices grow amid rising demand
Energy
- 23 May, 2022
- 05:58
Global oil prices increased on May 23 morning amid rising demand, Report informs.
The price of August futures for Brent crude rose by 0.57% to $110.62 per barrel, and June futures for WTI rose by 0.47% to $110.8.
The Wall Street Journal reports, citing analysts, that refineries in the US tend to increase production to satisfy the unquenchable thirst of American drivers.
In addition, oil prices are positively affected by the weakening of the dollar. The dollar index (the exchange rate against a basket of six currencies of US trading partners) is down 0.42% to 102.72 points. A cheap dollar makes commodities, including oil, more affordable when bought in another currency.
Author
Latest News
10:10
Kazakhstan considers alternative oil export routes amid CPC instability
Energy10:05
Azerbaijan records 518 cyberattack indicators in seven months
ICT09:58
Spy cameras on British Navy drones secretly sent data to China
Other countries09:52
Tatarstan comes under drone attack, casualties reported in Nizhnekamsk
Other countries09:42
16 Bangladeshi workers killed in factory fire in Riyadh
Other countries09:35
CBA currency exchange rates (10.08.2026)
Finance09:19
Finland and Sweden restore passenger rail link after 38 years
Other countries08:55
The Guardian: UK loses £125 billion a year due to young people who are not working or studying
Other countries08:46