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2022-05-31 13:40:00

OIL PRICE: BRENT NEAR $124, WTI NEAR $119

OIL PRICE: BRENT NEAR $124, WTI NEAR $119

REUTERS - May 31 - Oil prices extended a bull run on Tuesday after the EU agreed to a partial ban on Russian oil and China decided to lift some coronavirus restrictions amid rising demand ahead of peak U.S. and European summer driving season.

Brent crude for July, which expires on Tuesday, rose $2.31, or 1.9%, to $123.98 a barrel by 0823 GMT, after earlier rising to $124.10 - its highest since March 9. The more active August contract rose $2.44 to $120.04.

U.S. West Texas Intermediate (WTI) crude was trading at $119.34 a barrel, up $4.27 in a fourth session of gains in a row, or 3.7% from Friday's close, hitting its highest since March 9. There was no settlement on Monday due to a U.S. public holiday.

Both July-loading contracts are set to end May as the sixth straight month of rising prices.

European Union leaders agreed in principle to cut 90% of oil imports from Russia by the end of 2022, the bloc's toughest sanction yet on Moscow since the invasion of Ukraine three months ago. 

The embargo exempts pipeline oil from Russia as a concession to Hungary.

"As two-third of the Russian crude oil exports are seaborne around 1.5 million barrels per day (bpd) of oil will need to be replaced by the EU," PVM analyst Tamas Varga said.

"This volume is actually closer to 2.1-2.2 million bpd as both Poland and Germany are planning to phase out pipeline purchases by the end of the year."

Oil prices draw further support as Shanghai has announced an end to its two-month-long COVID-19 lockdown, and will allow the vast majority of people in China's largest city to leave their homes and drive their cars from Wednesday. 

On the production side, OPEC+ is set to stick to a modest July output hike by 432,000 barrels per day, six OPEC+ sources said, rebuffing Western calls for a faster increase to lower surging prices.

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Earlier:

OIL PRICE: BRENT NEAR $124, WTI NEAR $119
2022, May, 30, 11:45:00
OIL PRICE: BRENT NEAR $120, WTI NEAR $115
Brent was up 47 cents, or 0.4%, at $119.90 a barrel, WTI jumped 72 cents, or 0.6%, to $115.79 a barrel.
OIL PRICE: BRENT NEAR $124, WTI NEAR $119
2022, May, 30, 11:40:00
OPEC OIL PRICE: $118.84
The price of OPEC basket of thirteen crudes stood at $118.84 a barrel on Friday,
OIL PRICE: BRENT NEAR $124, WTI NEAR $119
2022, May, 30, 11:35:00
EUROPEAN ENERGY DEADLOCK
The European Union proposed banning seaborne oil from Russia while delaying restrictions on imports from a key pipeline
OIL PRICE: BRENT NEAR $124, WTI NEAR $119
2022, May, 27, 12:40:00
OIL PRICE: BRENT ABOVE $118, WTI ABOVE $114
Brent was up 58 cents, or 0.5%, at $117.98 , WTI rose 27 cents, or 0.2%, at $114.36 a barrel.
OIL PRICE: BRENT NEAR $124, WTI NEAR $119
2022, May, 27, 12:35:00
OPEC OIL PRICE: $116.50
The price of OPEC basket of thirteen crudes stood at $116.50 a barrel on Thursday
OIL PRICE: BRENT NEAR $124, WTI NEAR $119
2022, May, 27, 12:25:00
MORE RUSSIAN OIL FOR CHINA, INDIA
A record volume of Russian oil is on board tankers, with unprecedented amounts heading to India and China as other nations restrict imports because of the war in Ukraine.
OIL PRICE: BRENT NEAR $124, WTI NEAR $119
2022, May, 27, 12:20:00
RUSSIAN OIL FOR CHINA UP ANEW
China has emerged as a willing buyer of Russian oil as others shun the OPEC+ producer’s energy due to the war in Ukraine.
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Tags: OIL, PRICE, BRENT, WTI, OPEC, RUSSIA, SANCTIONS