FX.co ★ Global oil market closes the week with spectacular gain

In trading on Friday, the global price of oil rose permanently. Market participants are concerned about prospects of raw materials shortage due to possible embargo imposed on Russian oil by the European Union states.

At the time of writing, price of futures for Brent crude in July increased by 1.21% up to $108.56 per barrel.Meanwhile, WTI crude futures for June rose by 0.84% to $106.23.Brent has gained 2.8% and WTI added 4.6% since the start of the week.

The main impetus for the rise in oil prices on Friday was the news that the day before German representatives in European Union institutions lifted their objections to an embargo on Russian oil supplies.Previously, Germany had been a key opponent of the decision not to buy energy from Russia. However, Germany's rhetoric later changed after a long and thorough search for alternatives to Russian supplies.This has led to renewed fears on the part of market participants that an embargo on crude oil from Russia could be imposed by all EU members. If this strategy is implemented by the members of the association, the global oil market will inevitably face a shortage of oil.The focus of commodity market participants on Friday is still on the prospects of oil demand change in China. The demand for oil in one of the world's biggest oil-consuming countries has been falling noticeably in recent weeks amid the introduction of tough anti-COVID-19 measures and lockdowns.However, even more worrying for investors is the permanent rise in the number of COVID-19 cases in Beijing.In addition, commodity market participants are awaiting the weekly report on active oil rigs in the United States from US company Baker Hughes. By the way, the number of rigs increased by just one last week to 549.