Oil edges higher on concerns over Russia, Libya supply disruption | Reuters
Oil prices rose on Thursday, buffeted by concerns about tightened supply as the European Union (EU) mulls a potential ban on Russian oil imports that would further restrict worldwide oil trade.
Brent crude futures settled up $1.53to close at $108.33 a barrel, after earlier reaching a high of $109.80. U.S. West Texas Intermediate (WTI) crude futures ended up $1.60, or 1.6%, to $103.79, after earlier reaching a high of $105.42.
Buyers also reacted to ongoing interruptions in Libya, which is losing more than 550,000 barrels per day of oil output due to blockades at major fields and export terminals. read more
Brent has gained nearly 8% in the last seven trading days, but the rally has come at a slow, grinding pace, unlike the frenzy that accompanied moves in late February when Russia invaded Ukraine and in mid-March as well.
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