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, News.az 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.