Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world’s second-largest crude exporter after it invaded Ukraine. Brent crude futures for July settlement gained 47 cents, or 0.41%, to $114.50 a barrel at 0656 GMT. U.S. West Texas Intermediate (WTI) crude futures for July delivery climbed 53 cents, or 0.48%, to $110.86 a barrel. A bigger-than-expected drawdown in U.S. crude inventories in the week to May 20, following soaring exports, buoyed the market on Wednesday. Analysts said the inventory draw and the prospect of an EU embargo on Russian oil, in retaliation for what […]