By Gina Lee

Investing.com – Oil was up on Friday morning in Asia, . Brent crude is on track for its biggest weekly jump in one-and-a-half months, supported by the prospect of the European Union (EU)’s ban on Russian oil and the upcoming U.S. summer driving season.

The benchmark, which was supposed to give a weekly gain of about 4.5% and a rise of 0.21% to $114.41 at 12:55 PM ET (5:00 AM GMT), respectively. Although the weekly gain for about 0.7% was expected, it rose by 0.09% at $114.19

Stephen Innes of SPI Asset Management said that the momentum is bullish and many factors point to a tighter markets.

Refined products are still in short supply ahead of peak U.S. car driving season. The West should maintain a low floor on oil prices throughout the summer.

Brent crude oil contracts and WTI crude contract are expected to finish the week higher, as the European Commission seeks the support of all 27 member countries to implement the proposed sanctions against Russia.

Hungary, one of these member states is still a blocker to the unanimous support. According to top Hungarian officials, the country will need three-and-a half to four years for Russia to move away and to make large investments in its economy to adapt.

Clifford Bennett, chief economist at ACY Securities, stated to Reuters that the combination of real loss of supply with increasing resistance to Russia’s supply will cause these commodities (oil and gas) “to move substantially higher.”

In the last year, black liquid has seen an increase of approximately 50%.

Meanwhile, the Organization of the Petroleum Exporting Countries and allies (OPEC+) is set to leave 2021’s oil production deal unchanged when it meets on Jun. 2. According to six OPEC+ source, the cartel would increase July’s output by 432,000 barrels/day. This could fend off Western requests for a more rapid rise to less volatile prices.