Oil Prices Top $120 a Barrel

“Oil prices rose to their highest level in more than two months Monday, driven by China’s tentative emergence from Covid-19 shutdowns,” the Wall Street Journal reports.

“The twin prospect of rising oil demand in Asia and curbed supplies out of Russia pushed benchmark Brent-crude prices for July delivery up 1.9% to $121.67 a barrel. That is their highest level since early March. Since then, falling fuel consumption in China has tamed global demand and pulled crude prices down from their 2022 highs of about $139 a barrel.”