Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Oil prices have climbed on the prospect of stronger demand from the US, ahead of the summer driving season
  • As COVID-19 concerns ease, weekend travel is expected to rise to its busiest level in two years for the upcoming US Memorial Day weekend
  • Meanwhile, the EU is working through a new sanctions package, which could see the phase out of Russian oil imports
  • The proposal will need all 27 member states to agree, but Hungary and Slovakia continue to oppose the embargo
  • Crude oil has climbed almost four per cent higher in the last week, trading at just over US$111 a barrel

Oil prices have climbed on the prospect of stronger demand from the US, ahead of the summer driving season.

As COVID-19 concerns ease, weekend travel is expected to rise to its busiest level in two years for the upcoming US Memorial Day weekend.

Despite fuel price rises from the Russia Ukraine crisis, US motorists drove 5.6 per cent more miles in the first three months of the year, according to the American Automobile Association.

Meanwhile, the EU is working through a new sanctions package, which could see the phase out of Russian oil imports.

The proposal will need all 27 member states to agree, but Hungary and Slovakia continue to oppose the embargo.

However, France’s new foreign minster Catherine Colonna believes the bloc could reach a deal.

“We must adopt as quickly as possible the sixth package of sanctions that foresees the progressive end of the imports of Russian oil and to lift the remaining reticence,” she said.

Crude oil has climbed almost four per cent higher in the last week, trading at just over US$111 a barrel.

More From The Market Herald

" NSW flood victims to receive $1000 from government

Federal Government pledges $1000 disaster payments for the NSW flood victims.

" ASIC sues Mercer Financial Advice for misleading customers

ASIC has sued Mercer Financial Advice for allegedly misleading customers about fees and services that were…

" Samsung Electronics Australia to pay $14m in penalties after misleading consumers

Samsung Electronics Australia has been ordered to pay $14 million in penalties after admitting it misled…

" ACCC ready to enforce new button battery laws

The ACCC has warned it will be cracking down on businesses compliance with the new button…