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Oil Jumps 4% as U.S. Gasoline Prices Hit Record High

Sabtu, 14 Mei 2022 | 15:24 WIB
Oil Jumps 4% as U.S. Gasoline Prices Hit Record High

ILUSTRASI. A gas pump is inserted inside an Audi vehicle at a Mobil gas station in Beverly Boulevard in West Hollywood, California, U.S., March 10, 2022. Picture taken March 10, 2022. REUTERS/Bing Guan

Sumber: Reuters | Editor: Thomas Hadiwinata

KONTAN.CO.ID - NEW YORK, May 13 (Reuters) - Oil prices rose about 4% on Friday as U.S. gasoline prices jumped to a record high, China looked ready to ease pandemic restrictions and investors worried supplies will tighten if the European Union bans Russian oil.

Brent LCOc1 futures rose $4.10, or 3.8%, to settle at $111.55 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 rose $4.36, or 4.1%, to settle at $110.49.

That was the highest close for WTI since March 25 and its third straight weekly rise. Brent fell for the first time in three weeks.

U.S. gasoline RBc1 futures soared to an all-time high after stockpiles fell last week for a sixth straight week. That boosted the gasoline RBc1-CLc1 crack spread - a measure of refining profit margins - to its highest since it hit a record in April 2020 when WTI finished in negative territory.

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"There has not been an increase in (U.S.) gasoline storage since March," said Robert Yawger, executive director of energy futures at Mizuho, noting gasoline demand is poised to spike when summer driving season starts on the U.S. Memorial Day holiday weekend.

The U.S. 3:2:1-crack spread, another measure of refining margins that includes gasoline and diesel, rose to a record, according to Refinitiv data going back to May 2021.

Automobile club AAA said U.S. prices at the pump rose to record highs on Friday of $4.43 per gallon for gasoline and $5.56 for diesel.

Oil prices have been volatile, supported by worries a possible EU ban on Russian oil could tighten supplies but pressured by fears that a resurgent COVID-19 pandemic could cut global demand.

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