Oil jumps to 2-month high on tight supplies, EU seeks Russian crude ban | Reuters
Oil prices climbed about 3% to a two-month high on Thursday on signs of tight supply ahead of U.S. summer driving season, as the European Union (EU) wrangled with Hungary over plans to ban crude imports from Russia over its invasion of Ukraine.
Brent futures rose $3.52, or 3.1%, to $117.55 a barrel by 1:34 p.m. EDT. U.S. West Texas Intermediate (WTI) crude rose $3.97, or 3.6%, to $114.30.
Brent was on track for its sixth straight daily gainand highest close since March 25. WTI was headed for its highest close since March 23.
"Crude prices rose as a tight oil market was going to remain in place given the start of the summer driving season was going to keep a downward trajectory for U.S. stockpiles," said Edward Moya, senior market analyst at data and analytics firm OANDA.
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