Oil prices climbed above $120 a barrel on Monday, hitting their highest in more than two months, as traders waited to see whether the European Union would reach an agreement on banning Russian oil imports.
The Brent crude futures contract for July, which will expire on Tuesday, was up 69 cents, or 0.6 per cent, at $120.12 a barrel at 1310 GMT. The August Brent contract , which is more active, rose 85 cents, or 0.7 per cent, to $116.41 a barrel.
US West Texas Intermediate crude futures jumped 74 cents, or 0.6 per cent, to $115.81 a barrel, extending solid gains made last week.
