Oil prices continued to rise on Tuesday morning (May 31) after the EU agreed to cut oil imports from Russia by the end of 2022, stoking fears of a tighter market already strained on supplies. supply, amid surging demand ahead of the peak summer driving seasons in the US and Europe.

Brent crude for July delivery rose 33 cents to $122 a barrel. The August contract rose 33 cents to $117.93 a barrel.
The price of US crude oil (WTI) traded at $117.31 per barrel, up $2.24 from Friday’s close.
European Union leaders agreed in principle to cut oil imports from Russia by 90% by the end of 2022.
Analysts at Commerzbank (Germany) said that the main factor supporting the oil price increase in this session is the fact that the Chinese city of Shanghai is about to lift COVID-19 prevention restrictions. This raises hopes that oil demand will pick up again in China.
On the production front, OPEC+ will stick to last year’s agreement at its meeting on Thursday, with a modest output increase in July to 432,000 bpd.

Oil prices are up 55% so far this year.

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