Brent barrel for July reached the highest level in 2 months; EU to discuss sanctions on Russia
The price of a barrel of oil type brent exceeded US$ 120 this Monday (May 30, 2022). This is the highest level in 2 months. Investors react to the meeting of the EU (European Union) that will deal with an agreement on the ban on imports from commodity from Russia.
The US$ 120 level was surpassed by the future price of crude oil. brent for July. For August 2022, the value reached US$ 116.84 at the high of the day.
US WTI (West Texas Intermediate) crude futures rose to $116.39 at the day’s high.
The EU meeting should be from Monday (30.May.2022) to Tuesday (31.May.2022). They will discuss another package of sanctions on Russia, which invaded Ukraine on February 24 this year.
On Sunday (29.May.2022), the EU was unable to reach an agreement. The new sanctions package has been discussed since the beginning of the month. In addition to an embargo on Russian oil, the measures include cuts to SberBank, a ban on broadcasting Russian broadcasters in the EU and updating the list of individuals sanctioned by the bloc.
The rise in oil on the international market puts pressure on fuel prices in Brazil, which rose after the start of the war in Europe. The rise has impacted Brazil’s inflation, which reached 12.3% in the 12-month period up to April.
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