Basra crude closes at +6.06% weekly gains amid soaring global demand

Shafaq News/ Oil prices rose on Friday, closing out the week with gains ahead of the U.S. Memorial Day holiday weekend, the start of peak U.S. demand season, and as European nations negotiate over whether to impose an outright ban on Russian crude oil.

Brent crude rose $2.03, or 1.7%, to settle at $119.43. U.S. West Texas Intermediate (WTI) crude rose 98 cents, or 0.9%, to settle at $115.07 a barrel. For the week, Brent rose 6% while WTI gained 1.5%.

Basra crude went $2.54 up in the final day of the market at $107.44, with a weekly gain of $6.14, or 6.06%.

Prices drew support from strong worldwide demand for fuel, with both gasoline and heating oil futures outpacing crude this year.

European Union countries are negotiating a deal on Russian oil sanctions that would embargo shipment deliveries but delay sanctions on oil delivered by pipeline to win over Hungary and other landlocked member states.

Hungary's resistance to oil sanctions and reluctance of other countries have held up implementation of a sixth package of sanctions by the 27-member EU against Russia following its invasion of Ukraine.

EU government envoys could reach an agreement in Brussels on Sunday in time for leaders to endorse it at their May 30-31 summit.