Oil prices rose in Friday’s session, ending the week with gains in view of Memorial Day weekend in the US, the start of peak demand season in the US, as European countries negotiated whether to impose a total ban on Russian crude.
Brent crude oil was up $ 2.03, or 1.7%, to come in at $ 119.43. US West Texas Intermediate Crude Oil also rose 98 cents, or 0.9%, to $ 115.07 a barrel at the time of settlement. Over the course of the week, Brent rose 6% while WTI rose 1.5%.
And the prices have been buoyed by strong global fuel demand since questcontracts year future on gasoline and fuel oil they outperformed crude oil prices.
Meanwhile, officials said, EU countries are negotiating an oil sanctions deal against Russia that would block deliveries but delay sanctions on oil delivered from pipelines to persuade Hungary and other landlocked member states. to join the embargo.
Hungary’s rejection of oil sanctions and the reluctance of other countries to accept them is hampering the implementation of a sixth EU-27 sanctions package against Russia following the invasion of Ukraine.
Officials said EU government envoys could reach an agreement in Brussels on Sunday in time for leaders to approve it at the May 30-31 summit.
Russian President Vladimir Putin told Austrian Chancellor Karl Nehammer that Moscow would fulfill its commitments to supply natural gas.
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