As European countries negotiate whether to impose a total ban on Russian crude oil, oil prices rise once more on Friday.
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A gas station in Budapest, Hungary May 27, 2022 (AFP).
Oil prices rose on Friday, ending the week with gains ahead of the Memorial Day weekend in the United States, the start of the peak demand season in the United States, while European countries negotiated whether to impose a total ban on Russian crude oil.
Brent crude rose $2.03, or 1.7 percent, to settle at $119.43. US West Texas Intermediate crude also rose 98 cents, or 0.9%, to $115.07 a barrel upon settlement.
Earlier today, amid concerns regarding global supplies, Oil prices hovered near their highest level In two months, Brent crude is heading towards achieving the largest weekly jump in a month and a half.
And prices were supported by strong global demand for fuel, as futures contracts for gasoline and heating oil outperformed crude oil prices this year.
Meanwhile, officials said, European Union countries are negotiating an agreement on oil sanctions once morest Russia that would block deliveries but delay sanctions on pipeline-delivered oil 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 hinder the implementation of a sixth package of EU-27 sanctions once morest Russia.
Officials said EU government envoys might reach a deal in Brussels on Sunday in time for leaders to endorse it at their May 30-31 summit.
Russian President Vladimir Putin told Austrian Chancellor Karl Nehammer that Moscow would fulfill its commitments to deliver natural gas.