LAST UPDATE 12:30
Oil prices are boosting profits as the EU agrees to cut oil imports from Russia, fueling concerns about a tighter market already tight due to demand ahead of peak travel in the US and Europe.
Brent crude for July delivery was up $ 2, or 1.67%, at a new high of more than two months at $ 123.7 a barrel.
West Texas Intermediate is trading at $ 118.8 a barrel, up $ 3.7, or 3.2%, from close on Friday.
EU leaders agreed in principle to cut 90% of oil imports from Russia by the end of 2022, resolving the stalemate with Hungary over tougher sanctions on Moscow since its invasion of Ukraine three years ago. months.
“It is definitely very positive for the price of oil, due to supply problems. The price of oil is now moving to the high of March,” said analysts at CMC Markets. China’s reopening also supports prices.
Oil prices rose in March to their highest level since 20088 and are 55% higher so far this year.
They will need to raise further support as demand from China is expected to increase after restrictions on coronavirus are eased.
Shanghai has announced the end of its two-month coronavirus restrictions, which will allow the vast majority of people in China’s largest city to leave their homes and drive by Wednesday.
Source: Capital
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