US West Texas Intermediate (WTI) futures were up 82 cents, or 0.71%, at $115.89 a barrel, extending last week’s solid gains.
The EU is scheduled to meet on Monday and Tuesday to discuss a sixth package of sanctions against Russia for its invasion of Ukraine, actions that Moscow calls a “special military operation.”
“The macro backdrop continues to change and that will determine how much oil demand improves over the next 12 months,” said OANDA’s Edward Moya. “Geopolitics is still important, but much of the impact of Europe lessening its reliance on Russian energy is already priced in.”
A new ban on Russian oil would strain a crude market that is already under severe supply pressure, amid rising demand for gasoline, diesel and jet fuel ahead of the peak summer season. in the United States and Europe.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, will meet on Thursday to reject calls from the West to speed up output growth. They will maintain existing plans to increase their production target in July by 432,000 barrels a day, six OPEC+ sources told Reuters.
By Noah Browning of Reuters
Source: Ambito
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