LONDON (Reuters) -Oil prices extended a bull run on Tuesday after the EU agreed to a partial ban on Russian oil and China decided to lift some coronavirus restrictions amid rising demand ahead of peak U.S. and European summer driving season.
Brent crude for July, which expires on Tuesday, rose $2.31, or 1.9%, to $123.98 a barrel by 0823 GMT, after earlier rising to $124.10 – its highest since March 9. The more active August contract rose $2.44 to $120.04.
U.S. West Texas Intermediate (WTI) crude was trading at $119.34 a barrel, up $4.27 in a fourth session of gains in a row, or 3.7% from Friday’s close, hitting its highest since March 9. There was no settlement on Monday due to a U.S. public holiday.
