International crude oil prices soar as US fuel inventories drop and Russian gas exports to Europe decrease
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Update time : 2022-05-13 22:04:15
US fuel inventories plummeted ahead of the summer travel season, and Russia’s natural gas exports to Europe decreased, causing international crude oil prices to soar by 5% on Wednesday (May 11).
Brent crude for July delivery hiked by 4.9%, settling at US$107.51/barrel. West Texas Intermediate crude for June delivery was up by 6% to US$105.71/barrel on the New York Mercantile Exchange.
Besides, Russia announced sanctions on some European natural gas companies, which increased the uncertainty of the global energy market.
