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Oil rises to $111 amid fears of a shortage

Oil prices witnessed a rise today, Friday, in light of investors’ fear of a shortage, in light of the “OPEC +” decision and the statement of the President of the European Commission.

The prices of July futures for Brent crude oil rose 0.58% to $111.54 a barrel, and June futures for West Texas Intermediate crude rose 0.55% to $108.56.

In addition, the price hike supports the recent proposal of European Commission President Ursula von der Leyen to introduce a complete oil embargo on Russian oil in phases as part of a new sixth round of sanctions.

“The focus may remain on supply issues arising from the European Union’s proposal to impose sanctions on Russian oil within six months,” the Wall Street Journal quoted UOP analysts as saying.