Oil prices rose in the Friday session, to conclude the week with gains before the Memorial Day weekend in the United States, beginning peak demand season In the United States, European countries are negotiating whether to impose a total ban on Russian crude oil.
Brent crude rose $2.03, or 1.7%, to settle at $119.43. US West Texas Intermediate crude also rose 98 cents, or 0.9%, to $115.07 a barrel upon settlement. Over the course of the week, Brent is up 6% while WTI is up 1.5%.
And prices were supported by strong global demand for fuel, as futures contracts for gasoline and heating oil outperformed crude oil prices this year.
Meanwhile, officials said, European Union countries are negotiating an agreement on oil sanctions against Russia that would block deliveries but delay sanctions on pipeline-delivered oil to persuade Hungary and other landlocked member states to join the embargo.
Hungary’s rejection of oil sanctions and the reluctance of other countries to accept them is hindering the implementation of a sixth package of EU-27 sanctions against Russia following its invasion of Ukraine.
Officials said EU government envoys could reach a deal in Brussels on Sunday in time for leaders to endorse it at their May 30-31 summit.
Russian President Vladimir Putin told Austrian Chancellor Karl Nehammer that Moscow would fulfill its commitments to deliver natural gas.