World oil prices close at highest level in nearly 3 months

Brent crude oil closed on Tuesday to the highest level in nearly three months after the European Union reached a deal to ban 90% of its Russian oil imports by the end of the year, reports citing RIA.

However, oil finished well off its highs of the day after a new report signaled OPEC could be preparing to finally ramp up badly-needed production.

Brent crude, the world benchmark, gained 1% on the day, settling at $122.84 a barrel – the highest close since March 8. Earlier in the session, Brent traded as high as $125.28.

After initially rallying, US crude closed at $114.67 a barrel, down 0.4% on the day.

This comes after the EU forged an agreement on a partial ban on Russian oil imports in a bid to punish Moscow for its invasion of Ukraine. Although new sanctions were widely expected, this move will further scramble global energy supplies.

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