EU ministers fail to persuade Hungary to agree Russian oil ban
Shanghai achieves COVID19 milestone
U.S. crude inventories likely rose last week, products seen down

LONDON, May 17 Reuters Oil hit its highest in seven weeks on Tuesday, supported by the European Union39;s ongoing push for a ban on Russian oil imports that would tighten supply and as investors focused on higher demand from an easing of China39;s COVID lockdowns.

EU foreign ministers failed on Monday in their effort to pressure Hungary to lift its veto on the proposed oil embargo. But some diplomats now point to a May 3031 summit as the moment for agreement on a phased ban on Russian oil. 

Brent crude rose as high as 115.50, its highest since March 28, and by 1024 GMT was up 1.16, or 1, to 115.40. U.S. West Texas Intermediate WTI crude gained 78 cents, or 0.7, to 114.98.

Oil prices have remained near multiweek highs this week, supported by surging gasoline and distillate prices in the U.S., and fears around an EU ban on Russian oil imports remaining in play, said Jeffrey Halley, analyst at brokerage OANDA.

Crude has surged in 2022, with Brent hitting 139, its highest since 2008, in early March as Russia39;s invasion of Ukraine exacerbated supply concerns.

Oil also gained support from hopes of demand recovery in China as it looks to ease COVID restrictions, analysts said, and from rising geopolitical tension between the EU and Russia following Sweden and Finland39;s moves to join NATO.

Shanghai on…