Crude prices climbed sharply, driven by tight light sweet crude supplies in Europe and strong post-pandemic demand in the region. Benchmark prices in Europe climbed at a faster rate than in the Americas or in Asia, as Europe’s post-pandemic recovery continued to drive demand. Atlantic basin benchmark North Sea Dated gained ff7.26/bl in the week to 26 May to ff118.79/bl-its highest since 25 March. US marker WTI climbed by ff4.20/bl to ff114.09/bl, while Mideast Gulf marker Dubai was up by ff5.18/bl to ff111.52/bl.
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