Oil rises as investors focus on lower supply from Russia, Libya | Reuters

Oil rises as investors focus on lower supply from Russia, Libya | Reuters

Oil prices rose on Thursday as concerns about supply as the European Union (EU) mulls a potential ban on Russian oil imports, days after diminished supplies from Libya rocked the market.

Brent crude futures rose $1.11, or 1%, to $107.91 a barrel at 0852 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 87 cents, or 0.9%, to 103.06 a barrel.

Analysts said market volatility is likely to pick up again soon, with the EU still weighing a ban on Russian oil for its invasion of Ukraine, which Moscow calls a "special military operation".

Libya, a member of OPEC, on Wednesday said the country was losing more than 550,000 barrels per day of oil output due to blockades at major fields and export terminals. read more