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Oil prices soared on Friday, ending the week with gains ahead of Memorial Day weekend in the United States, the start of a peak demand season in the United States, while European countries were negotiating whether to impose a total ban on Russian crude oil.
Brent crude was up $ 2.03, or 1.7 percent, at $ 119.43. US West Texas Intermediate crude was up 98 cents, or 0.9 percent, at $ 115.07 a barrel. During the week, Brent was up 6 percent, while WTI was up 1.5 percent.
As futures contracts for petrol and heating oil outperformed crude oil prices this year, prices were supported by strong global demand for fuel.
Meanwhile, EU countries are negotiating an agreement on oil sanctions against Russia, which will block supplies but delay the pipeline supply of oil to Hungary and other member states surrounded by land to agree to join the embargo.
Hungary’s rejection of oil sanctions and other countries’ reluctance to accept them have hampered the implementation of the sixth set of EU-27 sanctions against Russia following its military operation in Ukraine.
Officials said EU ambassadors could reach an agreement in Brussels on Sunday by the time leaders approve the May 30-31 summit.
Russian President Vladimir Putin has told Austrian President Carl Nehemiah that Moscow will fulfill its promises to supply natural gas.
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