Oil prices hit 2-month high

Oil prices climbed on Monday hitting their highest in two months, as markets waited to see whether a European Union meeting would reach an agreement on Russian oil embargo.

The Brent crude futures contract for July advanced 65 cents, or 0.6%, at $120.5 a barrel at 1100 GMT, while U.S. West Texas Intermediate (WTI) crude futures jumped to $116.10 a barrel, extending last week’s solid gains.

The EU officials are due to meet on Monday and Tuesday to discuss a sixth package of sanctions against Russia for its invasion of Ukraine.

This comes after the EU countries have failed to reach an agreement yesterday to ban Russian oil imports.

Meanwhile, it is expected that OPEC+ would refuse the Western calls on accelerating production hikes when the ally parties meet on Thursday.

It should be noted that OPEC+ six sources assured that the organization and its ally would stick to their plan of raising supplies by 432K bpd for July.