Brent, WTI Prices Climb to Over Two-Month Highs

Oil prices rose on Monday, hitting their highest in more than two months, as traders waited to see whether the European Union would reach an agreement on banning Russian oil imports.
The Brent crude futures contract for July, which will expire on Tuesday, was up 47 cents, or 0.4%, at $119.90 a barrel, after rising as high as $120.50 earlier in the session, CNBC reported.
The August Brent contract, which is more active, rose 61 cents, or 0.5%, to $116.17 a barrel.
WTI crude futures jumped 72 cents, or 0.6%, to $115.79 a barrel, extending solid gains made last week.
The EU is due to meet on Tuesday to discuss a sixth package of sanctions against Russia for its invasion of Ukraine, actions Moscow calls a "special military operation".
"If we look at the recent price movement, it seems that market has factored in that the European Union may reach a deal on some form of restrictions on Russian crude," said Madhavi Mehta, commodity research analyst at Kotak Securities.
"We may see further upside only if it is a complete ban. Any watered-down deal or one which includes exemptions may not have much positive impact," she added.