KYIV.UkraineGate , 30 , May , 2022 | Economy.
Brent oil futures for delivery on Monday morning in the morning during trading rose to $ 120.23 per barrel .
According to Bloomberg as of 8:18, the price of futures for Brent oil rose by 0.67%.
At the same time, the price of July futures for WTI oil rose to 116.16 dollars per barrel, adding 0.95%.
Details
Oil prices rose to a two-month high on Monday as traders wait for the EU to reach an agreement to ban Russian oil before meeting on a sixth package of sanctions against Moscow for invading Ukraine, according to Reuters.
EU leaders are due to meet to discuss the sanctions package on Monday and Tuesday.
According to the newspaper, EU countries failed to agree on an embargo on Russian oil on Sunday, but will continue negotiations on an agreement to ban Russian oil supplies by sea with permission to supply pipelines ahead of the summit on Monday afternoon, officials said.
If agreed, the agreement will allow Hungary, Slovakia and the Czech Republic to continue receiving Russian oil through the Druzhba pipeline for some time until alternative supplies are made.
Tensions in the oil market were compounded by Iran’s statement on Friday that its navy had seized two Greek oil tankers in retaliation for the United States’ confiscation of Iranian oil from a tanker off the coast of Greece.
Oil prices were also supported by the fall of the US dollar. A weaker dollar makes oil less expensive for importers holding other currencies.
Source: Ukrgate