Oil heads for weekly gains amid global supply concerns

Oil prices fell on Friday, but they are on track to achieve weekly gains, supported by expectations of reduced supplies due to increased gasoline consumption in the United States during the summer, as well as the possibility of a European Union ban on Russian oil imports.

By 1104 GMT, Brent crude fell 20 cents, or 0.2 percent, to $ 117.20 a barrel, but it is heading towards achieving weekly gains of about 4 percent.

West Texas Intermediate crude fell 40 cents, or 0.4 percent, to $113.69 a barrel. And crude is heading towards recording a weekly increase of about 0.5%.

Data from the US Energy Information Administration on Wednesday revealed that US gasoline stocks fell 482,000 barrels last week to 219.7 million barrels. Consumption in the United States usually increases at the start of the summer travel season.

The two values ​​received support from the European Commission’s continued efforts to obtain the approval of all member states of the European Union on proposed new sanctions against Russia, which Hungary still constitutes a stumbling block in the way of approving them.

Six sources in OPEC + told Reuters that the group is expected to abide by the oil production agreement approved last year during its meeting on 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 high prices.