Oil Climbs on Tight Supply, Prospect of EU Ban on Russian Supply

Oil Climbs on Tight Supply, Prospect of EU Ban on Russian Supply
A general view shows an oil treatment plant in the Yarakta Oil Field, in Irkutsk Region, Russia, on March 10, 2019. Vasily Fedosenko/Reuters
Reuters
Updated:

LONDON—Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world’s second-largest crude exporter, after it invaded Ukraine.

Brent crude futures gained 87 cents, or 0.8 percent, to $114.90 a barrel at 1001 GMT. U.S. West Texas Intermediate (WTI) crude futures climbed $1.02, or 0.9 percent, to $111.35 a barrel.