06.05.202209:33:00UTC+00Oil Prices Climb On Supply Concerns

Oil prices climbed for the third day running on Friday amid supply worries after the EU proposed some of its toughest measures yet against Russia, including a total ban on oil imports.

Benchmark Brent crude futures jumped 1.9 percent to $112.99 a barrel, while U.S. crude futures were up 1.9 percent at $110.27. Both benchmarks were on track for their second weekly gains.

It is learnt that the European Union is willing to exempt some central European member states from its proposed embargo on Russian oil.

The Bloomberg reported citing officials that the EU is willing to let Hungary and Slovakia continue importing Russian crude and refined products until the end of 2024, while Czechia would be allowed to do the same until June 2024.

The OPEC countries are not willing to replace Russian oil despite concerns about slower demand in China due to Covid 19.

On Thursday, OPEC + countries committed to the previous plans of increasing output by 432 thousand bpd, decided last June.