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Commodities

1 Jun 2022

Oil Prices Inched Higher after EU Leaders Agreed to ban Russian Oil

The Index Today

Oil prices nudged higher on Wednesday after European Union leaders agreed to a partial and phased ban on the Russian oil. Recent data shows that Brent crude for August delivery was up 35 cents, or 0.3%, at $115.95 a barrel at 0605 GMT. The contract settled down 1.7% on Tuesday.

The Brent contract for July delivery expired on Tuesday at $122.84 a barrel, up 1%. U.S. West Texas Intermediate (WTI) crude rose 37 cents, or 0.3%, to $115.04 a barrel.

Reuters reported that both benchmarks ended May higher, marking the sixth straight month of rising prices.EU leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year, the bloc's toughest sanctions yet on Moscow since the invasion of Ukraine three months ago, which Moscow calls a "special military operation".

Once fully adopted, sanctions on crude will be phased in over six months and on refined products over eight months. The embargo exempts pipeline oil from Russia as a concession to Hungary and two other landlocked Central European states, Reuters added.

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