Oil firms on tight supply though EU ban on Russian oil still uncertain
Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world’s second-largest crude exporter, after it invaded Ukraine.
Brent crude futures for July settlement inched up 7 cents, or 0.1 per cent, to $114.10 a barrel at 0142 GMT.
US West Texas Intermediate (WTI) crude futures for July delivery climbed 22 cents, or 0.2 per cent, to $110.55 a barrel.
A bigger-than-expected drawdown in US crude inventories in the week to May 20, following soaring exports, buoyed the market on Wednesday.
