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Oil just off 2-month high amid global supply concerns -Breaking


© Reuters. FILE PHOTO – Technicians are positioned next to the oil rig of an Oil and Natural Gas Corp. (ONGC) plant during a media visit of Dhamasna village, Gujarat in India’s western state, on August 26, 2021. REUTERS/Amit Dave

By Stephanie Kelly

(Reuters] – After a rise of two months in the prior session, oil prices eased slightly in Asian early trade Friday as investors focussed on signs that global supply is tight.

In the meantime, an official Hungarian advisor said that Russia needs to be shifted away and huge investments made to adapt its economy. The EU could not support the EU’s oil embargo until they reached an agreement.

This month, the European Commission proposed additional sanctions against Russia in response to its invasion of Ukraine. However, they required unanimous support from all 27 member countries. They have been blocked by Hungary, a landlocked country that is dependent on Russian oil imports through a pipeline.

By 0:08 GMT, futures declined 11 cents to $117.29 per barrel WTI crude oil futures fell 19c to $113.90 per barrel for July delivery.

This year, the prices of goods and services have increased by approximately 50%.

Six OPEC+ source told Reuters that OPEC+ would stick to the oil production agreement from last year at its June 2, meeting. They will also increase their July output targets by 432,000 barrels per day.