Despite global supply concerns, oil remains around a two-month high

On Friday, oil prices were hovering around a two-month high, with Brent crude on track for its greatest weekly gain in 1-1/2 months, boosted by the potential of an EU ban on Russian oil and the start of the summer driving season in the US.

Brent crude futures for July fell 9 cents to $117.31 a barrel at 0247 GMT, after reaching as high as $118.17 earlier in the day. This week, the benchmark was expected to rise by approximately 4%.