Oil prices rise for third straight session

Oil prices rose in European trade for the third straight session as the energy crisis in Europe escalates as Russian gas supplies to several countries are cut through Ukraine.

Prices are also buoyed by a drop in US oil production, the first such decrease since January.

Oil Prices

US crude prices rose 1.9% to $108.68 a barrel, while Brent climbed 1.4% to $109.93 a barrel.

US crude rose 1% yesterday, while Brent added 0.5%, the second profit in a row.

Energy Crisis

Russian gas supplies were cut or reduced to several European countries after Ukrainian troops cut off a major pipeline and blamed Russian troops. 

This is the first such drop in supplies since the Russian invasion of Ukraine last February. 

US Production 

Official US data showed US output fell by 100 thousand bpd in the week ending May 6 to a total of 11.8 million barrels. 

This is the first such decline since January, to a total of 11.9 million bpd, a two-year high.