Oil prices widen amid rally this week amid signs of limited supply as the EU disagrees with Hungary over plans to ban imports from Russia, the world’s second-largest crude oil exporter after it invaded in Ukraine.
Brent futures are up 47 cents, or 0.41%, at $ 114.50 a barrel.
West Texas Intermediate was up 53 cents, or 0.48%, at $ 110.86 a barrel.
The biggest drop in US crude stock inventories during the week to May 20, following the rise in exports, boosted the market on Wednesday.
Analysts say declining inventories and the prospect of a European embargo on Russian oil are driving prices higher.
“The focus on oil markets is at next week’s EU summit, where another attempt will be made to agree on an embargo on Russian oil,” analysts said.
European Council President Charles Michel said yesterday that he was confident an agreement could be reached before the next Council meeting on 30 May.
However, Hungary remains an obstacle to the unanimous support required for EU sanctions.
Source: Capital
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