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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

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

European Union United States Oil Russia Hungary OPEC Texas Ukraine
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant

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 were up $1.60 cents, or 1.4%, to $115.63 a barrel at 1352 GMT. US West Texas Intermediate (WTI) crude futures climbed $2.33, or 2.1%, to $112.66 a barrel.

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