Brent tops $122 after EU ban on Russian oil

Brent tops $122 after EU ban on Russian oil
# 31 May 2022 05:39 (UTC +04:00)

Prices of crude oil advanced in overnight trade on Monday, with Brent crude briefly rising above the $122-mark, as Russia's military operation in Ukraine continues to rattle the energy markets, APA reports citing Tele Trader.

The news comes after European Union leaders agreed to impose a partial oil ban on Russia, which is expected to cut around 90% of Moscow's oil imports by year-end, with two-thirds of imports to be banned immediately. "Maximum pressure on Russia to end the war," European Council President Charles Michel said after the decision was announced.

At 1:01 am CET, West Texas Intermediate (WTI) for July settlement was up by 0.06%, going for $117.02 per barrel, while Brent for deliveries in July added 0.04% to settle at $121.77 per barrel.

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