Oil prices rise again after EU agrees to ban 90% of Russian crude
Oil futures extended gains, after the European Union agreed to a partial ban on Russian crude oil.
China decided to lift some restrictions imposed to contain the Coronavirus, amid increased demand ahead of the peak of the summer holiday season in the United States and Europe.
China and India are the biggest beneficiaries of getting oil at lower prices after the European decision to partially ban Russian crude.
Brent crude futures for July, which expire on Tuesday, rose more than $2.31, or 1.9 percent, to $123.98 a barrel, after rising earlier to $124.10 a barrel, its highest since March 9.
US West Texas Intermediate oil futures jumped $4.27 to $119.34 a barrel, up 3.7 percent from Friday’s close.
Intermediate oil futures reached its highest level since the ninth of March as Monday was a public holiday in the United States.
The Russia-Ukraine conflict has caused turbulence in global energy markets since it started.
