Oil on track for weekly rise on global supply concerns | Reuters
Oil prices edged higher on Friday and were on track for weekly gains, supported by the 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 64 cents, or 0.6%, at $118.04 at 1338 GMT, and was on track for a gain of about 5% this week.
U.S. West Texas Intermediate (WTI) crude rose 11 cents, or 0.1%, to $114.20 a barrel. WTI is set for a weekly gain of 0.6%.
"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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