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Human Rights

Oil jumps 3% as U.S. gasoline prices hit record

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Published by
Reuters UK

By Scott DiSavino NEW YORK (Reuters) -Oil prices rose about 3% on Friday as U.S. gasoline prices jumped to an all-time high and on fears supplies would tighten further if the European Union bans Russian oil after Moscow this week sanctioned European units of state-owned Gazprom. Earlier this week, oil prices were kept in check by worries about inflation, a strong U.S. dollar and slower global growth due to China’s COVID-19 lockdowns and Russia’s invasion of Ukraine. Brent futures rose $3.33, or 3.1%, to $110.78 a barrel by 11:10 a.m. EDT (1510 GMT). U.S. West Texas Intermediate (WTI) crude ros…

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