Crude oil futures marked the first weekly gain of the current month as supply deficit took centre stage with the European Union (EU) considering a potential curb on Russian oil imports.
Oil prices notched a weekly gain of around 9 percent after going down for two back-to-back weeks.
Brent, the international benchmark for two-thirds of the world’s oil, jumped by $8.92 (+8.68 percent) to $111.70 from $102.78 on a week-on-week (WoW) basis. The West Texas Intermediate (WTI), the main oil benchmark for North America, went up by $8.69 a barrel (+8.84 percent) to $106.95 from $98.26 on a weekly basis.—TLTP
