Oil rises on prospects of tight market, possible EU ban on Russian crude

London — Oil prices rose on Friday and were on track for weekly gains, supported by a prospect of a tight market due to rising gasoline consumption in the US in summer, and also the possibility of an EU ban on Russian oil.

US West Texas Intermediate crude rose 27c , or 0.2%, at $114.36 a barrel. WTI is set for a weekly gain of about 1%. US gasoline stocks fell by 482,000 barrels last week to 219.7-million barrels, US Energy Information Administration said on Wednesday. The start of summer driving season in the US normally entails increased consumption.

Both benchmark crude contracts were also supported as the European Commission continued to seek unanimous support of all 27 EU member states for its proposed new sanctions against Russia, with Hungary posing a stumbling block.

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Business Maverick: Rare ship-to-ship transfers keep oil moving from Russia to ChinaWilling buyers of Russian crude are set to benefit from steep discounts relative to global benchmark prices as others avoid deals with Moscow due to its war in Ukraine. Cheap oil has made it attractive for top consumers such as China and India to keep importing from the OPEC+ producer, despite facing international condemnation and mounting logistical and financial hurdles. We should be benefiting from years of close ties with Moscow and membership of BRICS and jump on this
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