5/13, 8:44 PM (Source: TeleTrader)
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Oil extends gains, up over 3%

Crude futures extended gains on Friday, rising more than 3%, as concerns about an impending European embargo on Russian oil pushed prices up.

Ukrainian Foreign Minister Dmytro Kuleba urged the European Union once again to impose oil sanctions against Russia and expressed hope Hungary will cave in and approve the embargo. Investors also digested OPEC's monthly report in which the organization said it expects global demand to slow to 1.9 million barrels per day (bpd) in the second quarter.

International benchmark Brent for deliveries in July jumped 3.33% to go for $111.42 per barrel at 2:33 pm ET and West Texas Intermediate (WTI) for settlements in June climbed 3.63% to go for $110.36 per barrel at the same time.

Baha Breaking News (BBN) / NP