Oil rises 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.
Traders also noted oil prices followed a rise in equities and some weakening of the U.S. dollar against a basket of currencies, which makes oil cheaper when purchased in other currencies.
Brent futures rose $3.37, or 3.0%, to settle at $117.40 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $3.76, or 3.4%, to settle at $114.09.
After rising for six days in a row, Brent closed at its highest since March 25. WTI settled at its highest since May 16.
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