Global oil prices rise by over 1%

Global oil prices on May 25 morning rose by more than 1%, investors assess the prospects for a ban on oil exports from the US, Report informs referring to the auction data.

The price of August futures for Brent crude rose by 1.21%, to $112.03 per barrel, July futures for WTI - by 1.22%, to $111.11.

Oil prices are rising on news that US Secretary of Energy Jennifer Granholm said the US administration is not ruling out a ban on oil exports to keep fuel prices down.

The focus also remains on developments related to EU restrictions on supplies from Russia.

The likelihood of an agreement on the adoption of European sanctions against Russian oil in the near future continues to decline, the Wall Street Journal reports.

The statistics of commercial oil reserves in the US for the week to May 20, which unexpectedly rose by 0.567 million barrels, although a decrease of 0.69 million was predicted, could not affect the cost of oil. Later on May 25, markets are waiting for official statistics from the US Department of Energy.