Oil prices rise amid global supply shortages concerns

Oil prices rose in European trade for the sixth straight session on global supply shortages as the European Union seeks to ban Russian oil supplies, while US crude stocks declined as well last week. 

Prices

US crude rose 1% to $111.73 a barrel, while Brent added 0.7% to $114.97 a barrel. 

US crude added 0.4% on Wednesday, as Brent climbed 0.5%, the fifth profit in a row on rising demand in China and the US. 

Global Supplies

Supplies are continuously challenged worldwide with strategic inventories tumbling as well. 

And that comes as demand rebounds in China with major cities returning online once more after a prolonged shutdown for Covid 19 control. 

Russian Supplies

All eyes are focused now on the European Union summit held next week, at which European countries will attempt to ban Russian oil supplies once more. 

US Stocks

Official US data showed crude stocks fell a million barrels to 419.8 million barrels last week, while analysts expected a drop of 2.2 million barrels.

Gasoline stocks fell 0.5 million barrels to 219.7 million, while distillate stocks rose 1.7 million barrels to 106.9 million barrels.