SULAIMANI (ESTA) — Oil prices rose on Monday as traders waited to see whether the European Union would reach an agreement on banning Russian oil imports.
Brent crude futures was up 58 cents at $120 a barrel at 0921 GMT, after rising as high as $120.50 earlier in the session.
U.S. West Texas Intermediate (WTI) crude futures jumped 67 cents to $115.7 per barrel, extending solid gains made last week.
The European Union is due to meet on Monday and Tuesday to discuss a sixth package of sanctions against Russia for its invasion of Ukraine, according to Reuters.
“If we look at the recent price movement, it seems that market has factored in that the European Union may reach a deal on some of restrictions on Russia crude,” Reuters quoted Madhavi Mehta, commodity research analyst at Kotak Securities, as saying.
“We may see further upside only if it is a complete ban. Any watered-down deal or one which includes exemptions may not have much positive impact,” she added.
