Oil rises due to tight supplies

Oil prices rose on Thursday, continuing a cautious performance this week amid signs of tight supplies as the European Union discussed with Hungary plans to ban imports from Russia, the world’s second-largest crude exporter, after it invaded Ukraine.

Brent crude futures for July delivery rose 47 cents, or 0.41 percent, to $114.50 a barrel at 0656 GMT.

US West Texas Intermediate crude futures for July delivery also rose 53 cents, or 0.48 percent, to $110.86 a barrel.

A larger-than-expected drop in US crude stocks in the week ending May 20, after exports rose, supported the market on Wednesday. Analysts said the stockpile drawdown and the prospect of a European Union embargo on Russian oil, in response to what Moscow calls its “special military operation” in Ukraine, have pushed up prices.