There are major concerns over the tightening supply situation in the global crude oil market, as the global oil benchmark Brent crude nears a two-month high.
Brent crude could rise past $150 a barrel if there is a sharp cut in Russian oil exports, according to Bank of America’s (BOA) Global Research report on May 27.
Prices of both commodities increased more than 3 percent after trading on May 26, on top of their already elevated prices.The high prices are being driven by stronger demand for fuel as the pandemic winds down, while tight supplies and oil sanctions on Moscow are not easing the situation.
