Oil on track for weekly rise amid global supply concerns | Reuters
Oil prices rose on Friday and were on track for weekly gains, supported by a prospect of a tight market due to rising gasoline consumption in the United States in summer, and also the possibility of an EU ban on Russian oil.
Brent crude was up 58 cents, or 0.5%, at $117.98 at 0844 GMT, and was on track for a gain of about 5% this week.
U.S. West Texas Intermediate (WTI) crude rose 27 cents, or 0.2%, at $114.36 a barrel. WTI is set for a weekly gain of about 1%.
"Oil prices have risen to the highest level since end of March, benefiting from renewed declines in U.S. oil inventories," said UBS analyst Giovanni Staunovo.
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