Oil prices continued to rise to their highest level in two months, with gains supported by expectations of reduced supplies due to increased gasoline consumption in the United States during the summer and the possibility of the European Union ban on Russian oil imports.
By 22:28 on May 27, Abu Dhabi time, Brent crude rose by $1.89, or 1.70%, to $119.17 a barrel, heading for gains of about 4%.
West Texas Intermediate crude rose by $0.91, or 0.75%, to $115 a barrel, heading towards recording a weekly increase of about 0.5%.
Moreover, data from the US Energy Information Administration revealed on May 25, that US gasoline stocks fell 482,000 barrels last week to 219.7 million barrels. Consumption in the United States usually increases at the beginning of the summer travel season.
The two leaders received support from the European Commission’s continued quest to obtain the approval of all EU member states on new sanctions suggestions against Russia, which Hungary still represents an obstacle to their approval.
Six sources in OPEC+ informed Reuters that the Group is expected to accept the oil production agreement approved last year during its meeting on June 2, with a production target increased in July by 432,000 barrels per day, which represents a rejection of Western calls for faster increases in production to curb high prices.