Oil prices rose in early trade on Wednesday, boosted by tight supplies and the prospect of rising demand from the upcoming start of the US summer driving season.
Brent crude futures for July rose 46 cents, or 0.4 per cent, to $114.02 a barrel by 0020 GMT. U.S. West Texas Intermediate (WTI) crude futures for July delivery was up 58 cents, or 0.5 per cent, to $110.35 a barrel.
Brent had gained 0.1 per cent on Tuesday while WTI settled down 52 cents.
France’s new foreign minister said on Tuesday she was optimistic that those still opposed to a new European Union sanctions package that would phase out Russian oil imports to the bloc could be convinced, and that the bloc would strike a deal that would have the effect of tightening global supply.
