Oil rises as supply concerns persist


Oil prices climbed for a third straight session on Friday, shrugging off concerns about global economic growth as impending European Union sanctions on Russian oil raised the prospect of tighter supply.

Brent futures rose $1.75, to $112.65 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed $1.57, to $109.83 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 EU is tweaking its sanctions plan in a bid to win over reluctant states, three EU sources told Reuters on Friday.

Ignoring calls from Western nations to hike output more, the Organization of the Petroleum Exporting Countries, Russia and allied producers, a group known as OPEC+, stuck with its plan to raise its June output target by 432,000 barrels per day.

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