EU Bans Russia Crude Imports

EU Bans Russia Crude Imports
EU Bans Russia Crude Imports

Oil prices extended gains on Tuesday after the EU agreed to slash oil imports from Russia, fueling worries of a tighter market already strained for supply amid rising demand ahead of peak US and European summer driving season. 
Brent crude for July, which expires on Tuesday, rose $1.13 to a fresh two-month top of $122.80 a barrel, reported.
The more active August contract rose $1.34 to $118.94.
WTI crude futures were trading at $118.25 a barrel, up $3.18 from Friday’s close. There was no settlement on Monday due to a US public holiday. 
Both benchmarks have posted daily gains since Wednesday.
European Union leaders agreed in principle to cut 90% of oil imports from Russia by the end of 2022, resolving a deadlock with Hungary over the bloc’s toughest sanction yet on Moscow since the invasion of Ukraine three months ago.
“It is definitely very bullish for the oil price, building on supply tensions. The oil price is now heading to the highs in March,” said Tina Teng, market analyst at CMC Markets. 
The reopening of China is also underpinning prices, she added.
Oil prices soared in March to their highest since 2008 and are up over 55% so far this year.

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