Oil Rises as Investors Focus on Lower Supply From Russia, Libya

A worker collects a crude oil sample at an oil well operated by Venezuela's state oil company PDVSA in Morichal, Venezuela, on July 28, 2011. Carlos Garcia Rawlins/Reuters

LONDON—Oil prices rose on Thursday amid 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 $1.13, or 1.1 percent, to $107.93 a barrel at 1228 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 81 cents, or 0.8 percent, to $103 a barrel.