Oil prices rose roughly 1.5% in Friday’s session, marking the deal’s second consecutive weekly hike, as impending EU sanctions on Russian oil raised prospects for scarce supplies and forced traders to ignore concerns about global economic growth.
THE future on Brent crude oil, they rose $ 1.49, or 1.3 percent, to stand at $ 112.39 a barrel.
US West Texas Intermediate crude jumped $ 1.51, or 1.4 percent, to $ 109.77 a barrel, according to Reuters.
“In the short term, the fundamentals for oil are positive and we are only hampered by fears of an economic slowdown in future, “said Phil Flynn, an analyst at Price Futures Group.
On a weekly basis, West Texas Intermediate rose about 5%, while Brent crude oil rose about 4% after the European Union revealed plans to impose a ban on Russian oil as part of a package. tougher sanctions for the conflict in Ukraine.
Three EU sources told Reuters that the blockade was making changes to the sanctions plan, hoping to win over reluctant countries and gain the necessary unanimous support from 27 member states. The initial proposal called for an end to EU imports of crude oil. and Russian petroleum products by the end of quest’year.
The number of U.S. oil rigs, an early indicator of future production, rose this week from 5 to 557, the highest level since April 2020.
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