Global Supply Concerns Push Oil To Near Two Month High – 26 May, 2022

Oil prices were hovering just around a two month high, with Brent on track on track for its biggest jump in 1.5 months and supported by the prospect of an EU ban on Russian oil and the oncoming summer. Brent crude futures for July were 9 cents lower at $117.31 per barrel, having risen as much as $118.17 earlier in the session. The benchmark was on track for a 4% gain this week. U.S. West Texas Intermediate futures were 18 cents or 0.2% to $113.91 per barrel, on track for a 0.7% weekly gain. Both benchmark crude contracts were poised to end the week higher as the European Commission continued to seek unanimous support for its proposed new sanctions against Russia, with Hungary posing a stumbling block.