Crude oil prices remained elevated on Friday amid supply concerns on news that the European Union might phase in a ban on Russian oil imports.
As of 1250 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $2.92 (+2.68 percent) to reach 111.70 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, jumped to $106.95 a barrel, up by $2.70 (+2.59 percent).
Arab Light was available at $116.64 a barrel with an increase of 3.31 percent and the price of Russian Sokol jumped to $102.20 a barrel with a 3.54 percent increase.—TLTP
