Oil firms as investors focus on supply drop from Russia, Libya

NEW DELHI: Oil prices rose on Thursday as concerns about supply due to a potential European Union (EU) ban on Russian oil came to the fore, days after diminished supplies from Libya rocked the market.

Brent crude futures rose $1.32, or 1.24%, to $108.12 a barrel at 0636 GMT. U.S. West Texas Intermediate (WTI) crude futures gained $1.26, or 1.23%, to 103.45 a barrel, adding to a 19 cent gain in the previous session.