Oil Rises On EU Ban On Russian Imports – 31 May, 2022

Oil prices were up in early Asian trade after European Union leaders agreed to a partial and phased ban on Russian oil and China ended its COVID-19 lockdown in Shanghai. Brent crude for August delivery was up 78 cents, or 0.7%, at $116.38 per barrel. U.S. West Texas Intermediate crude rose 63 cents, or 0.6%, to $115.30 per barrel. For the sixth straight month, prices rose with both benchmarks also ending May higher. European Union leaders agreed this week to cut 90% of oil imports from Russia. Once the plan is fully in place sanctions on crude will be phased out over six months and eight months on refined products.