Oil rises, defying stock market falls as supply concerns persist

Oil prices climbed for a third straight session on Friday, shrugging off concerns about global economic growth as worries about tightening supplies underpinned prices ahead of an impending European Union embargo on Russian oil.

Brent futures rose 84 cents, or 0.8 per cent, to $111.74 a barrel by 0306 GMT, while US West Texas Intermediate (WTI) crude climbed 80 cents, or 0.7 per cent, to $109.06 a barrel.

Brent and WTI are on track to rise for a second week in a row, buoyed by the EU’s proposal to phase out supplies of Russian crude oil in six months and refined products by the end of 2022. It would also ban all shipping and insurance services for transporting Russian oil. The plan still requires unanimous backing from the 27 countries in the bloc.