Oil prices are rising again today, hitting a two-month high as traders waited to see if the EU would reach an agreement banning Russian oil imports.
Brent crude for July delivery was up 47 cents, or 0.4 percent, at $ 119.90 a barrel, after rising as much as $ 120.5 during the session.
Brent crude for August delivery was up 61 cents, or 0.5 percent, at $ 116.17 a barrel.
West Texas Intermediate rose 72 cents, or 0.6%, to $ 115.79 a share, extending last week’s earnings.
The EU is meeting Monday and Tuesday to discuss a sixth package of sanctions against Russia for its invasion of Ukraine.
“If we look at the recent price movement, it seems that the market has discounted the fact that the EU may reach an agreement on some form of restrictions on Russian crude,” analysts said.
“We can see a further rise if there is a complete ban,” he added.
A possible ban on Russian oil would narrow the market for crude oil, which already has supply problems, amid growing demand for petrol, diesel and aircraft fuel in the wake of the peak summer demand in the US and Europe.
According to traders, refining margins for diesel and gasoline in Europe and the US have pushed the prices of some types of crude to a record high.
Source: Capital
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