Oil prices rise…Brent above $115/barrel

Oil prices soared to a two-month high on Friday on signs of tight supply and as the European Union (EU) wrangled with Hungary over plans to ban crude imports from Russia over its invasion of Ukraine.

According to Reuters, Brent futures 3%, to $115.22 a barrel by 9.00 GMT, while U.S. West Texas Intermediate (WTI) crude advanced slightly at $114.20.

Both crude futures are set for weekly gains as the EU tries to reach an agreement before the council’s next meeting on May 3.

Hungary remains a stumbling block, as EU sanctions require unanimous support for Russian oil embargo.

Meanwhile, Russia’s oil production should decline to 480-500 million tons during 2022 from 524 million ton in 2021, RIA reported, citing Deputy Prime Minister Alexander Novak.

OPEC+ meets on June 2^nd and is expected to stick to last year’s deal to raise July output targets by 432,000 barrels per day.