Oil back above $100 on Russian gas supply jitters, weaker US dollar
Oil prices extended gains on Monday, boosted by mounting concerns over gas supply from Russia and a lower dollar, offsetting demand fears brought on by a possible recession and China lockdowns.
Brent crude futures for September settlement were up $4.37, or 4.3%, to $105.53 a barrel by 12:30 p.m. EDT (1630 GMT), having gained 2.1% on Friday.
U.S. West Texas Intermediate (WTI) crude futures for August delivery were up $4.02, or 4.1%, at $101.61 after rising by 1.9% in the previous session.
Russian gas export monopoly Gazprom declared force majeure on gas supplies to Europe to at least one major customer, according to the letter seen by Reuters, potentially ratcheting up the continent’s supply crunch.
