Oil rises to 2-month high on tight supplies

Brent futures rose $3.37, or 3.0%, to settle at $117.40 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 rose $3.76, or 3.4%, to settle at $114.09.

NEW YORK Oil prices climbed about 3% to a two-month high on Thursday on signs of tight supply ahead of U.S. summer driving season, as the European Union (EU) wrangled with Hungary over plans to ban crude imports from Russia over its invasion of Ukraine.

Traders also noted oil prices followed a rise in equities and some weakening of the U.S. dollar .DXY against a basket of currencies, which makes oil cheaper when purchased in other currencies. .