Similarly, Brent oil from the North Sea, which does so on the London electronic market (ICE), gained 1.73% and a barrel was agreed at US$123.78 also in contracts for July, according to with what was reported by the Bloomberg agency. As the hours passed, the price stabilized towards US$119.21 for Brent oil while WTI fell to US$118.55.
While, The Organization of Petroleum Exporting Countries (OPEC) reported that its crude oil basket closed yesterday at US$120.01 a barrel, compared to US$118.84 last Friday, which represented an advance of 0.98%.
Black gold continues its upward trend given the prospect of a decrease in the level of oil supply. Under the EU agreement, the oil that Hungary, Slovakia and the Czech Republic buy from Russia by pipeline will be left out of the EU’s sixth package of sanctions on the Kremlin.
The EU Heads of State and Government agreed to include a “temporary exception” for the crude that transits through the Druzhba pipeline to those three countries, but the embargo will veto imports of Russian oil by ship before the end of the year, which two thirds of the total.
Source: Ambito
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