Crude oil prices increase supported by the prospect of a tight market
HOUSTON (Reuters) -Oil prices rose on Friday, as signs of a tight market supported prices ahead of the U.S. Memorial Day holiday weekend, the unofficial start of the peak summer demand season in the United States.
Further, European Union countries are negotiating a deal on Russian oil sanctions that would embargo shipment deliveries but delay sanctions on oil delivered by pipeline to win over Hungary and other landlocked member states, officials said.
Hungary’s resistance to oil sanctions – and the reluctance of a handful of other countries – has held up implementation of a sixth package of sanctions by the 27-member EU against Russia over its invasion of Ukraine.
