Oil hits seven-week high amid EU push for ban on Russian crude imports
LONDON (Reuters) – Oil hit its highest in seven weeks on Tuesday, supported by the European Union’s ongoing push for a ban on Russian oil imports that would tighten supply and as investors focused on higher demand from an easing of China’s COVID lockdowns.
EU foreign ministers failed on Monday in their effort to pressure Hungary to lift its veto on the proposed oil embargo. But some diplomats now point to a May 30-31 summit as the moment for agreement on a phased ban on Russian oil.
Brent crude rose as high as $115.14, its highest since March 28, and by 0815 GMT was up 46 cents, or 0.4%, to $114.70. U.S. West Texas Intermediate (WTI) crude slid 26 cents, or 0.2%, to $113.94.
