Crude Oil Rises Slightly at the Beginning of the Week – Still no Agreement in the EU Over Oil Sanctions

Oil prices rose in Asia on Monday morning. It reached a two-month high as investors waited to see if the European Union (EU) could reach an agreement on a sixth round of sanctions against Russia over the war in Ukraine.

  • Brent futures were up 0.73% at $116.40 a barrel.
  • WTI futures were up 0.85% to $116.05 a barrel.

The European Union will meet Monday and Tuesday to discuss a sixth package of sanctions against Russia over its incursion into Ukraine.

Further sanctions on Russian oil will tighten supply as demand for gasoline, diesel and jet increases ahead of the summer peak season in the United States and Europe.

The EU government was unable to agree on sanctions against Russian oil on Sunday. However, it will continue to negotiate an agreement before the summit on Monday afternoon that would ban Russian oil deliveries by sea but allow pipeline deliveries.

If an agreement is reached, Hungary, Slovakia and the Czech Republic can continue to receive Russian oil through the Druzhba pipeline until a replacement is found.

OPEC+ also rejected Western demands to increase oil production, but plans to stick to plans to increase output by 432,000 barrels per day in July.

The Spot Market is Open

Monday, May 30, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
15.40

116.05

+0.98

+0.85%

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