Oil prices soar after EU agrees to ban 90% of Russian oil imports
OIL prices rose in early Asian trade today after European Union leaders said they had agreed to cut 90% of oil imports from Russia by the end of this year.
Brent crude futures for July, which will expire today, gained 63 cents to US$122.30 a barrel at 0012 GMT.
US West Texas Intermediate (WTI) crude futures were trading at US$117.65 a barrel, up US$2.58 from Friday’s close. There was no settlement on Monday due to a US public holiday.
The ban on Russian oil is expected to tighten a global crude market which has already been facing supply constraints amid post-pandemic demand recovery. – Reuters May 31, 2022
