Oil gains 1.5%, posts another weekly rise on supply concerns

Illustration image from Reuters.

SINGAPORE, May 67 (Reuters): Oil prices rose nearly 1.5% on Friday, posting a second straight weekly increase as impending European Union sanctions on Russian oil raised the prospect of tighter supply and had traders shrugging off worries about global economic growth.

Brent futures rose US$1.49, or 1.3%, to settle at US$112.39 per barrel. US West Texas Intermediate (WTI) crude climbed US$1.51, or 1.4%, to end at US$109.77 a barrel.