[ad_1]
© Reuters. FILE PHOTO – Models of oil barrels and a pump jack are displayed in front of a rising stock graph and “$ 100” in this illustration taken February 24, 2022. REUTERS / Dado Ruvic / Illustration
(Reuters) – Oil prices rose in early Asian trade on Tuesday after European Union leaders said they had agreed to cut 90% of oil imports from Russia by the end of this year.
futures for July, which will expire on Tuesday, gained 63 cents to $ 122.30 a barrel at 0012 GMT.
US West Texas Intermediate (WTI) crude futures were trading at $ 117.65 a barrel, up $ 2.58 from Friday’s close. There was no settlement on Monday due to a US public holiday.
The ban on Russian oil is expected to tighten a global crude market which has already been facing supply constraints amid post-pandemic demand recovery.
[ad_2]
Source link
