Oil price jumps 4% as US gasoline prices hit record high

Brent LCOc1 futures rose US$4.10, or 3.8%, to settle at $111.55 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 rose $4.36, or 4.1%, to settle at $110.49.

NEW YORK: Oil prices rose about 4% on Friday as U.S. gasoline prices jumped to a record high, China looked ready to ease pandemic restrictions and investors worried supplies will tighten if the European Union bans Russian oil.

Brent LCOc1 futures rose US$4.10, or 3.8%, to settle at $111.55 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 rose $4.36, or 4.1%, to settle at $110.49.