Economy 1 MIN READ

Oil prices rise after EU bans most Russian oil imports

May 31, 2022By 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.

Brent crude futures for July, which will expire on Tuesday, gained 63 cents to $122.30 a barrel at 0012 GMT.

U.S. West Texas Intermediate (WTI) crude CLc1 futures were trading at $117.65 a barrel, up $2.58 from Friday’s close. There was no settlement on Monday due to a U.S. 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.


(Reporting by Jeslyn Lerh Editing by Himani Sarkar)

This article originally appeared on

Read More Articles About: