Global oil prices changed during the week ending June 3, as fears of insufficient supply against rising global demand increased.
On Monday, International benchmark Brent crude trading opened at $115.47 while American benchmark West Texas Intermediate (WTI) started trading at $115.58 per barrel.
On Friday, Brent traded at $117.37 at 1205 GMT. WTI traded at $116.44 during the same time.
Oil price varied during the week influenced by European Union's (EU) partial ban on Russian crude oil, China ending lockdown in Shanghai and OPEC+ increasing oil output for July.
EU leaders met on Monday to discuss a sixth sanctions package which included a partial ban on Russian oil. The meeting led to an agreement to cut 90% of oil imports from Russia by the end of 2022.
The 23-member group of the Organization of Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, agreed Thursday to lift output by 648,000 bpd in July, up from 432,000 barrels in recent months.
OPEC+ agreement to increase July output failed to relieve tension caused by tight global supply.
Oil price decrease remains limited as experts believe the decision to raise daily production falls short of closing the gap created by less output from Russia and will be inadequate to meet global demand.
Meanwhile, COVID-19 restrictions ended in China's city of Shanghai on Wednesday after two months of lockdown. Fuel demand is expected to increase in the country, adding to fear of tight global supply.
Also on the demand side, larger than expected drop in US commercial crude oil inventories showed a surge in oil demand in the country.
Inventories decreased by 5.1 million barrels to 414.7 million barrels, against the market expectation of a drop of 1.18 million barrels, data released by the Energy Information Administration (EIA) on Thursday.
By Zeynep Beyza Kilic
Anadolu Agency
energy@aa.com.tr