Oil climbs as Opec+ sticks to output plans

Oil climbs as Opec+ sticks to output plans

The crude prices also rally on the European Union plans for new sanctions against Russia

An Iraqi labourer works at an oil refinery in the southern town Nasiriyah. Brent crude was up $1.59, or 1.4 per cent, at $111.73 a barrel by 1231GMT while US West Texas Intermediate crude rose $1.30, or 1.2 per cent, to $109.11 per barrel on Thursday. — AFP file photo

Published: Thu 5 May 2022, 5:48 PM

Oil prices extended gains on Thursday on supply concerns after as major producers rebuffed consumer calls for a faster pace of output rises by sticking to its to increase production by 432,000 barrels per day from June.

Brent crude was up $1.59, or 1.4 per cent, at $111.73 a barrel by 1231GMT while US West Texas Intermediate crude rose $1.30, or 1.2 per cent, to $109.11 per barrel on Thursday. Both benchmarks gained more than $5 a barrel on Wednesday.

The crude prices also rallied because the European Union laid out plans for new sanctions against Russia, including an embargo on crude in six months. The 27-member EU bloc will phase out imports of Russian refined products by the end of 2022 in addition to impose a ban on all shipping and insurance