INSUBCONTINENT EXCLUSIVE:
infrastructure, and fewer U.S
oil rigs have tightened supply, pushing prices up.May Brent crude reached its highest since October 27 at $87.48 per barrel, up $1.39, or
1.6%.The busier June contract rose to $87, a $1.58 increase
The May contract expired Thursday.U.S
West Texas Intermediate (WTI) for May climbed to $83.17 per barrel, up $1.82, or 2.2%.Oil Prices Rise on Supply Cuts
(Photo Internet reproduction)For the week, Brent was up 2.4%, and WTI gained about 3.2%
Both benchmarks notched their third month of gains, buoyed by geopolitical tension, production shifts, and changing demand.This series of
events highlights the interconnectedness of global markets.Decisions by major oil players and geopolitical shifts can significantly impact
supply and demand, leading to price changes.This dynamic underscores the importance of these factors in driving oil prices, reflecting the
broader economic and political landscapes that influence market movements.
