US crude oil is on track for five consecutive months of gains 2022-04-29 00:26:44

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oil Prices traded higher on Friday morning as demand outlook remains a concern due to China COVID-19 closures.

US West Texas Intermediate crude rose $1.22 to $106.65 a barrel, after settling up 3.3% on Thursday.

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Brent crude futures rose $1.60 to $109.19 a barrel, after rising 2.1 percent in the previous session.

Oil pump in shale Monterey, California. Photograph: Lucy Nicholson/Reuters (Reuters/Lucy Nicholson)

Both contracts are set to close the week higher.

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US crude is on its way to gaining for five consecutive months.

Prices are rising as Germany is increasingly likely to join other European Union member states in embargo on Russian oil, according to Reuters.

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In terms of supplies, OPEC+ is likely to stick to its current agreement and agree on another small increase in production for June when it meets on May 5, six sources from the producer group told Reuters on Thursday.

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