Prices of crude oil were on the rise on Friday as the European Union member states attempt to reach an agreement on sanctions on Russian oil. European Commission President Ursula von der Leyen acknowledged an oil embargo "will be difficult for Europe" but insisted it must end its dependence on Russian energy. EU's top diplomat Josep Borrell said he will convene a meeting of the bloc's foreign ministers by this weekend if a deal isn't reached as Hungarian President Viktor Orban insisted his government will oppose sanctions. Meanwhile, reports indicate the United States intends to replenish its oil reserves by purchasing around 60 million barrels.
West Texas Intermediate for June deliveries gained 2.14% at 6:00 am ET, selling for $110.58 per barrel, while Brent for settlements in July increased by 2.12% to go for $113.28 per barrel a minute later.
