Oil prices rise on Tuesday morning on the news that the leaders of the countries of the European Union have agreed on a partial ban on the import of Russian oil, Interfax reports.
The cost of July futures for Brent oil on the London ICE Futures exchange by 8:05 Moscow time on Tuesday was $123.32 per barrel, which is $1.65 (1.36%) higher than the closing price of the previous session. Trading in the July contract ends on Tuesday, while the more active August futures price rises by $1.80 (1.53%) to $119.40 per barrel. As a result of trading on Monday, the July contract rose by $2.23 to $119.43 per barrel.
The price of futures for WTI oil for July in electronic trading on the New York Mercantile Exchange (NYMEX) by this time amounted to $118.66 per barrel, which is $3.59 (3.12%) higher than the final value of the previous session. On Friday, the cost of these contracts increased by $0.98 (0.9%), to $115.07 per barrel; trading was not held on Monday due to a holiday in the US.
The heads of state and government of the EU countries agreed on an embargo on two-thirds of the oil supplied from the Russian Federation, said the head of the European Council, Charles Michel.
«There is agreement on a ban on the import of Russian oil into the EU. This will immediately affect more than two-thirds of imported Russian oil», he tweeted.
The decision to impose not a full, but a partial embargo is a compromise, since Hungary, which is heavily dependent on Russian energy, opposed the ban on supplies. Earlier, JPMorgan analysts wrote that a complete rejection of oil from the Russian Federation could increase the price of this fuel to $185 per barrel.
