World stocks mixed, oil prices trade near US$120 a barrel

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World shares were mixed Tuesday after the European Union agreed to embargo most Russian oil imports by the year's end, sparking a fresh spike in oil prices.

Shares fell in Frankfurt, Paris and Tokyo but rose in London and Shanghai. U.S. futures edged lower ahead of the reopening of trading on Wall Street following Monday's Memorial Day holiday.

Benchmark U.S. crude oil gained $4.07 to $119.14 per barrel in electronic trading on the New York Mercantile Exchange. It added 98 cents to $115.07 per barrel on Monday. China's easing of anti-virus curbs on businesses in Shanghai and Beijing has raised hopes for stronger growth in the world's second-largest economy.

More factories, shops and other businesses are being allowed to reopen this week in Shanghai and in the Chinese capital, Beijing, after authorities declared outbreaks under control. The Shanghai city government promised rent and tax cuts, faster approvals for construction projects and more subsidies for electric car purchases.

 

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