Oil prices rise to $112

Baghdad, Oil prices rose for the third consecutive session, today, Friday, ignoring concerns about global economic growth, as the imminent European Union sanctions on Russian oil increased the possibility of a supply shortage.

Brent crude futures rose $2.08, or 1.88%, to $112.98 a barrel by 09:22 GMT.

US West Texas Intermediate crude futures jumped two dollars, or 1.85 percent, to settle at 110.26 dollars a barrel.

Source: National Iraqi News Agency