Oil settles up ahead of U.S. driving season, EU embargo decision



* EU may clinch summit deal to sanction Russian oil shipments

* Driving season kicks off in the United States

* Oil prices up about 50% so far this year (New throughout, updates prices, market activity and comments to settlement)

By Marcy de Luna

HOUSTON, May 27 (Reuters) - 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 LCOc1 rose $2.03, or 1.7%, to settle at $119.43. U.S. West Texas Intermediate (WTI) crude CLc1 rose 98 cents, or 0.9%, to settle at $115.07 a barrel. For the week, Brent rose 6% while WTI gained 1.5%.

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

"Demand is strong with products leading the way, especially gasoline which dragged crude oil up with it,” said John Kilduff, a partner at Again Capital LLC.

"The U.S. driving season and strong travel demand should help (prices). With supply growth lagging demand growth, the oil market is likely to stay undersupplied. Hence, we remain positive in our outlook for crude prices," said UBS analyst Giovanni Staunovo.

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, officials said.

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, officials said.

Iranian forces seized two Greek oil tankers on Friday in the Persian Gulf, which has also made investors wary of being short going into the weekend, said Phil Flynn, an analyst at Price Futures Group.

"We are seeing assumptions that the demand for oil and gas may be stronger as the stock market suggests that fears of a recession may be being overplayed," Flynn said.

Russian President Vladimir Putin told Austrian Chancellor Karl Nehammer that Moscow would meet its natural gas delivery commitments.
Reporting by Marcy de Luna in Houston, additional reporting by Bozorgmehr Sharafedin in London, Stephanie Kelly in New York; Editing by Diane Craft, Kirsten Donovan and David Gregorio

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。

所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。

本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。

風險提示:您的資金存在風險。槓桿商品並不適合所有客戶。請詳細閱讀我們的風險聲明