Black commodities traded higher on Friday following the possibility that the European Union (EU) would impose sanctions on Russian oil imports again raising concerns over supply.
In the Asian session, US WTI oil traded stronger at $ 103 a barrel, while Brent crude oil strengthened at $ 111 a barrel.
Both benchmarks were up more than 2% on Thursday following reports that said the EU was drafting a proposal to ban oil from Russia.
Meanwhile, this will also be the first weekly gain recorded by the oil market in April after weathering the volatile sentiment over the past few weeks.
The report from The New York Times also revealed that they are likely to implement the measure in stages similar to the ban imposed on coal earlier this month.
This is to give more time to Germany and other countries to find alternative suppliers other than Moscow.
The International Energy Agency (IEA) warned on Wednesday that the market could lose 3 million barrels a day of oil starting in May due to restrictions or buyers voluntarily rejecting Russian oil.
