Oil Prices Set for Another Weekly Gain as Supply Shock Deepens

Crude oil prices may have retreated from the highs reached on Thursday, but they are still set for a strong weekly gain. At the time of writing, Brent crude was trading at 112.10 per barrel, and West Texas Intermediate was trading at 106.30, with the gap between the two benchmarks shrinking once again. On Thursday, the final day of trading for June futures, Brent crude topped $126 for a brief period, remaining around $125 per barrel over the Thursday trading session. The Benchmark is now up more than 40% since the war broke out in late February.…