Oil prices rose by about 4% during Friday’s session, following the unprecedented rise in petrol prices in the United States, as China appeared poised to ease corona restrictions, and fears Russian supplies could fall further if the EU imposes sanctions.

Brent crude futures rose $ 4.10 or 3.8% to $ 111.55 a barrel.

US West Texas Intermediate crude futures rose $ 4.36 or 4.1 percent to $ 110.49 a barrel.

Following a fall in inventory for the sixth week in a row, the future of U.S. petrol is all the more upbeat. This raised the refining profit margins to their maximum level since reaching the record in April 2020.

The EU saw market volatility with the possibility of a ban on Russian oil supplies, which led to supply shortages and concerns about declining global demand.

The sharp rise in inflation and interest rates pushed the US dollar to a 20-year low, restricting oil price gains during the week as the dollar’s rise pushed up prices to buy oil in other currencies.

But analysts continue to focus on a possible EU embargo on Russian oil this week after imposing sanctions on European units of the state-owned Casprom in Moscow and Ukraine for blocking a major gas route.

In China, officials pledged to support the economy and Shanghai officials said they would ease operating restrictions imposed to fight the corona virus and open stores this month.

The European Union (EU) has said it has made enough progress to resume nuclear talks with Iran. The deal with Iran could add millions more barrels of oil a day to the market, analysts said.