World
Oil prices rise as Russia’s war in Ukraine causes supply deficit
Oil prices notched a weekly gain as supply deficit took centre stage with the EU considering a potential curb on Russian oil imports.
Brent, the global benchmark for two-thirds of the world’s oil, settled 2.68 per cent higher at $111.70 a barrel at the close of trading on Thursday. West Texas Intermediate, the gauge that tracks US crude, closed 2.59 per cent higher at $107 a barrel.
Russia’s oil supply is expected to decline further amid sanctions by the US and its allies as Moscow continues its military offensive in Ukraine.
