RIYADH: Oil prices climbed on Monday, hitting their highest in more than two months, as traders waited to see if the EU would reach an agreement on banning Russian oil imports to sanction Moscow for its invasion of Ukraine.
The Brent crude futures contract for July, which expires on Tuesday, was up 37 cents, or 0.3 percent, at $119.80 a barrel at 0534 GMT, after rising to as high as $120.50 earlier in the session. The more active Brent contract for August rose 67 cents, or 0.6 percent, to $116.23 a barrel.
Meanwhile, US West Texas Intermediate crude futures jumped 78 cents, or 0.7 percent, to $115.85 a barrel, extending solid gains made last week.
EU’s Borrell hopeful of deal on Russian oil ban
EU members should be able to reach an agreement on another sanctions package against Russia, including restrictions on the imports of Russian oil, in talks currently held by officials, the bloc’s foreign policy chief said on Monday.
“We need to decide unanimously. There were talks yesterday afternoon, and there will be this morning and throughout the afternoon,” Josep Borrell told broadcaster France Info.
He added, “I think that this afternoon, we will be able to offer to the heads of the member states an agreement.”
(With input from Reuters)