Upon settlement, Brent crude reached $116.29 a barrel, up 69 cents, or 0.6%, while US West Texas Intermediate crude rose 59 cents, or 0.5%, to $115.26 a barrel.
European Union leaders agreed in principle on Monday to cut 90% of Russian oil imports by the end of this year, the bloc’s toughest sanctions yet since the start of the invasion of Ukraine, which Moscow describes as a “special military operation”.
Sanctions on crude oil will be implemented within six months and on refined products over eight months. The embargo excludes pipeline oil from Russia as a concession to Hungary and two other landlocked countries in central Europe.
In China, a strict lockdown aimed at containing the COVID-19 virus ended in Shanghai after two months, leading to expectations of increased demand for fuel.
Meanwhile, two sources from OPEC + said, according to “Reuters”, that the members did not discuss the idea of excluding Russia from the current oil supply agreement, after the Wall Street Journal reported that such a move was under consideration.
OPEC+ includes members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia (OPEC+). The group is scheduled to meet Thursday to set production policy. Sources said that a technical committee in OPEC + reduced its forecast for the oil market surplus in 2022 by 500,000 barrels per day to 1.4 million barrels per day.
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