Oil prices strengthened at a nearly two -month high on Friday, supported by continued market concerns over a tapering global supply.
Official data from the Energy Information Administration (EIA) showed a larger -than -expected decline in U.S. crude oil supplies last week following increased exports.
Meanwhile, the European Union (EU) continues to ‘persuade’ Hungary to agree to a proposal to ban oil imports from Russia.
Additionally, European Council President Charles Michel expressed his confidence that an agreement could be reached before the next council meeting on 30 May.
In the European session, US WTI crude futures traded higher at around $ 114 a barrel, while Brent oil was strong at $ 117 a barrel.
At the same time, prices were also supported by weak US dollar trading. Both benchmarks are on track to end this week’s trading by trading higher.
Ahead of the OPEC+ meeting next week, the group is expected to maintain its oil production target of 432,000 barrels a day in July.
