08:58 - 05-31-2022
Oil prices rose, today, Tuesday, to their highest level in two months, after the European Union decided to ban 90% of Russian oil as part of a meeting related to the sixth package of sanctions against Moscow over the war on Ukraine.
Brent crude futures rose more than a dollar to $123 a barrel, while US West Texas Intermediate crude futures jumped a dollar to $116.10 a barrel, continuing strong gains made last week.
The ban on Russian oil will lead to a shortage in the crude oil market, which is already suffering from supply pressures amid increased demand for gasoline, diesel and jet fuel ahead of the peak summer demand season in the United States and Europe.
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