Oil prices continued to rise on Friday amid concerns about tightened supplies ahead of the European Commission’s (EC) proposal to ban Russian oil by the end of the year.
Brent futures rose 84 cents, or 0.8 percent, to $111.74 a barrel by 0306 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 80 cents, or 0.7 percent, to $109.06 a barrel.
Both Brent and WTI are on track to rise for a second week in a row amid the Commission’s proposal to phase out imports of Russian crude oil within six months and refined products by the end of 2022.
President of the European Commission Ursula von der Leyen confirmed the EC proposal of “a complete import ban on all Russian oil, seaborne and pipeline, crude and refined,” during the European Parliament’s plenary session in France on Wednesday.
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