oil and gas — Oil Prices have continued to go up as crisis in Ukraine and Russia rages on Image: Financial Tribune

Oil price rises to $107 per barrel

Last updated Jul 28, 2022

Oil price rose more than $1 a barrel on Thursday, to reach $107, extending gains from the previous session,.

The price gain is buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices.

Brent crude futures for September rose $1.13, or 1.1%, to $107.75 a barrel by 0619 GMT, after gaining $2.22 on Wednesday.

U.S. West Texas Intermediate crude (WTI) was at $98.53 a barrel, up $1.27, or 1.3%, after rising $2.28 in the previous session.

Prices also found support as the Group of Seven richest economies aims to have a price-capping mechanism on Russian oil exports in place by Dec. 5, a senior G7 official said on Wednesday.

Reuters/Hauwa Abu

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