Oil has 2-month high with tight supply

NEW YORK (Reuters) – Oil prices rose nearly 3% on Thursday to hit a two-month high, giving signs of tight U.S. supplies ahead of the summer season.

Meanwhile, the European Union was negotiating with Hungary on plans to ban Russian oil imports as a result of the invasion of Ukraine.

Traders also noted that the commodity became cheaper when bought in other currencies after oil prices rose in equities and the US dollar weakened somewhat against the currency.

Brent futures were up $3.37, or 3.0%, to close at $117.40 a barrel, while US crude was up $3.76, or 3.4%, to $114.09.

After rising for six days, Brent closed at its highest level since March 25. WTI hit its highest level since May 16.