Oil prices keep growing on world markets

Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world's second-largest crude exporter, News.Az reports citing Reuters. 

Brent crude futures for July settlement gained 40 cents, or 0.35%, to $114.43 a barrel at 0412 GMT.

U.S. West Texas Intermediate (WTI) crude futures for July delivery climbed 55 cents, or 0.5%, to $110.88 a barrel.

A bigger-than-expected drawdown in U.S. crude inventories in the week to May 20, following soaring exports, buoyed the market on Wednesday. Analysts said the inventory draw and the prospect of an EU embargo on Russian oil.


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