Oil prices at their highest level in two months

Baghdad-INA 

Oil prices rose to their highest level in two months, as Brent crude is heading towards achieving the largest weekly jump in a month and a half, supported by the possibility of the European Union imposing a ban on Russian oil and the upcoming summer driving season in the United States.

Brent crude futures for July delivery rose $0.51, or 0.43%, to $117.91 a barrel by 9:00 GMT.
But the benchmark crude is heading for a gain of about 4% this week.

US West Texas Intermediate crude futures rose $0.11, or 0.0%, to $114.20 a barrel.
US crude is also heading towards achieving a weekly gain of 0.7%.

Both benchmark contracts are heading to end the week on a high as the European Commission continues to seek the support of all 27 member states of the bloc for the proposed new sanctions against Russia, as Hungary constitutes a stumbling block.

Six sources in "OPEC Plus" told Reuters that the group is expected to abide by the oil production agreement that it approved last year during its meeting scheduled for June 2, with an increase in production targets in July by 432,000 barrels per day, which represents a rejection of Western calls. for faster increases in production in order to curb higher prices.