The Epoch Times By
LONDON—Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world’s second-largest crude exporter, after it invaded Ukraine.
Brent crude futures gained 87 cents, or 0.8 percent, to $114.90 a barrel at 1001 GMT. U.S. West Texas Intermediate (WTI) crude futures climbed $1.02, or 0.9 percent, to $111.35 a barrel.
A bigger-than-expected drawdown in U.S. crude inventories in the week to May 20, following soaring exports, buoyed the market on Wednesday. U.S. refiners picked up the pace of activity, boosting overall capacity use to the highest levels since before the pandemic.
