Oil firms on tight supply though EU ban on Russian oil still uncertain

MELBOURNE: 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%, to $114.10 a barrel at 0142 GMT.