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Oil prices rose amid a partial EU embargo

At the EU summit the other day, they decided to impose a ban on Russia’s oil imports, except for pipeline deliveries.

World prices for reference grade oil rose in price on Tuesday, May 31, after the European Union’s decision to introduce a partial embargo on Russia’s oil.

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Thus, the cost of Brent oil rose to $ 120 per barrel.

Futures for US WTI crude are approaching $ 118 per barrel.

Recall that on the eve of the EU leaders reached a compromise on the issue of a ban on Russian oil imports. The embargo will affect 90% of all Russia’s oil imports by the end of this year.

The remaining 10 or 11% goes to the southern branch of the Druzhba pipeline in Hungary, Slovakia and the Czech Republic. There is a temporary exemption for these countries.

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Source: korrespondent

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