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After the EU banned most oil imports from



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Crude oil prices rose on Tuesday after EU member states reached an agreement to ban most crude oil imports from Russia, fueling concerns about a market disruption that is already under pressure amid rising fuel demand ahead of the summer holiday season, Reuters reports.

At around 3:59 GMT, the price of a barrel of Brent crude oil delivered in July rose $ 1.13 to $ 122.80, the highest value in two months. As for the August delivery contract, it rose $ 1.34 to $ 118.94.

The US West Texas Intermediate (WTI) crude was quoted at $ 1118.25 per barrel, up $ 3.18 from its value on Friday.

EU leaders have agreed in principle to cut Russia’s oil imports by 90 percent by the end of 2022, after defeating Hungary’s opposition to the harshest sanctions imposed on Moscow since the beginning of the invasion of Ukraine.

“It simply came to our notice then. Crude oil prices are now hitting March highs, “said Tina Teng, an analyst at CMC Markets.

In March, the price of a barrel of oil reached its highest level since 2008, and since the beginning of this year and until now the increase is over 55%.

Authorities in Shanghai have announced the end of a two-month quarantine, so that as of Wednesday, most residents of China’s largest city will be able to leave their homes and use their cars.

On the production side, the big oil producers gathered under the OPEC + umbrella scheduled for Thursday a meeting at which analysts expect to decide to keep the agreement agreed last year, so that in July oil production will be increased by only 432,000 barrels per day , which practically means a rejection of the demands of the western states for a faster increase of the crude oil production, in the idea of ​​causing a decrease of the fuel prices that have increased explosively in the last period.