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5/18, 1:59 PM (Source: TeleTrader)
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Oil adds 1.5% amid supply concerns

Prices of crude oil futures increased on Wednesday amid concerns about the global supply and the effects that the European Union's plan to curb its dependence on Russia's energy can have on it.

The sentiment was seemingly further boosted by hopes of easing of the coronavirus lockdowns in China, which would, in turn, increase demand.

West Texas Intermediate for June deliveries added 1.92% at 7:47 am ET, selling for $114.63 per barrel, while Brent for settlement in July jumped 1.5% a minute later, going for $113.61 per barrel.

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