The price of oil rises for the third consecutive session Brent at 112.98 dollars a barrel

Oil prices rose for a third consecutive session on Friday, shaking off concerns about global economic growth as looming EU sanctions on Russian oil raised the possibility of a supply shortage.

THE future on Brent crude oil rose $ 2.08, or 1.88%, to $ 112.98 a barrel, while future on US West Texas Intermediate crude oil jumped $ 2, or 1.85%, to $ 110.26 a barrel.

The two crudes are on track to record a second consecutive week, supported by the European Union’s proposal to phase out Russian crude supplies within six months and refined products by the end of 2022.

It also prohibits all shipping and insurance services for the transportation of Russian oil.

Three EU sources told Reuters on Friday that the bloc was adjusting its sanctions plan in an effort to gain support from adversary countries.

“The looming EU embargo on Russian oil will cause severe supply shortages,” said BVM analyst Stephen Brennock.

He added: “In any case, (OPEC Plus) is not in the mood to help, even with high energy prices leading to damaging levels of inflation.”

Ignoring Western countries’ demands to increase production, the “OPEC +” group, which includes the Organization of Petroleum Exporting Countries (OPEC), Russia and allied producers, has joined its plan to increase production target. in June of 432,000 barrels per day.

However, analysts predict that the group’s actual production increase will be much lower due to capacity constraints.

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