Business Maverick: Brent Crude tops $120 as Shanghai eases curbs, EU leaders meet

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 84%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Oil climbed at the week’s open as China eased anti-virus lockdowns and the EU worked on a plan to ban imports of Russian crude.

that may include a Russian crude ban to punish Moscow for its war in Ukraine, talks will continue during the week. Hungary is so far refusing to back a compromise despite proposals aimed at ensuring its oil supplies. An EU official said a deal is still possible in the coming days as leaders meet.

Brent crude is on course for a sixth straight monthly climb that would be the longest such run in more than a decade. The advance has been driven by the fallout from, as well as increased demand as more economies return from Covid-related restrictions. In the US, the summer driving season kicked off at the weekend with retail gasoline prices at a record.

“The market is certainly taking a glass-half-full approach today,” said Daniel Hynes, senior commodities strategist at Australia & New Zealand Banking Group Ltd. The market is tightening without any new EU sanctions ahead of the peak-driving season, which will boost demand even further, he said.Brent for July settlement rose as much as 0.9% to $120.50 a barrel on the ICE Futures Europe exchange, before trading at $120.01 as of 11:29 a.m. in Singapore.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines