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Oil prices up with tight global supply

Oil prices up with tight global supply
EU agreement on Russian crude ban could be finalized by May 30, European Council President Charles Michel says

By Zeynep Beyza Kilic

ANKARA (AA) - Oil increased on Thursday, pushed by a larger-than-expected draw in US crude inventories and the impending EU ban on Russian oil, fueling fears of tight supply.

International benchmark Brent crude was trading at $111.47 per barrel at 0600 GMT for a 0.31% increase after closing the previous session at $111.12 a barrel.

American benchmark West Texas Intermediate (WTI) was at $110.91 per barrel at the same time for a 0.53% gain after the previous session closed at $110.33 a barrel.

Energy Information Administration (EIA) data on Wednesday showed that US commercial crude oil inventories decreased by 1 million barrels to 419.8 million barrels during the week ending May 20, against the market expectation of a draw of 690,000 barrels.

Meanwhile, the EU is continuing its efforts to finalize a ban on Russian crude, with European Council President Charles Michel declaring the possibility of an agreement before the next meeting on May 30.

However, ongoing COVID-19 lockdowns in China, the world's biggest oil importer, are capping oil price increases.

source: News Feed
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