Investment holding company HCI holds a 10% stake in an oil rich block off the coast of Namibia Picture: REUTERS
Brent crude futures rose 25c, or 0.2%, or $107.83 a barrel at 2.34am GMT, while US West Texas Intermediate crude futures climbed 17c, or 0.2%, to $105.34 a barrel. The European Commission is expected to finalise work on Tuesday on a sixth package of EU sanctions against Russia over its military actions in Ukraine, which would include a ban on buying Russian oil. The embargo may spare Hungary and Slovakia, both heavily dependent on Russian crude, two EU officials said on Monday.
Record exports from the US Gulf are eating into supplies to the domestic US market, ANZ Research analysts said in a note. ANZ said that according to the cargo-tracking service Vortexa Analytics at least 2-million barrels a day of petrol, diesel and jet fuel flowed out of refineries in the US Gulf in April.
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