US crude oil on track for five straight months of gains

How much further will energy prices rise in the US?

Lipow Oil Associates president Andy Lipow predicts the cost of energy prices in the U.S. over the course of the year on ‘Fox Business Tonight.’ 

Oil prices were trading higher Friday morning as the outlook for demand is still a concern due to China's COVID-19 lockdowns.

U.S. West Texas Intermediate crude gained 95 cents to $106.37 a barrel after settling 3.3% higher on Thursday.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Brent futures rose 20 cents to $107.79 a barrel after gaining 2.1% in the previous session.

A pumpjack drills for oil in the Monterey Shale, California. REUTERS/Lucy Nicholson (REUTERS/Lucy Nicholson)

Both contracts are set to close the week higher.

HOW MUCH COULD GAS COST TRAVELERS THIS SUMMER?

U.S. crude is on track to post five straight months of gains.

Prices are getting a lift by the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil, according to Reuters.

CLICK HERE TO READ MORE ON FOX BUSINESS

On the supply side, OPEC+ is likely to stick to its existing deal and agree another small output increase for June when it meets on May 5, six sources from the producer group told Reuters on Thursday.

Source: Read Full Article