Oil prices rise after EU bans most Russian oil imports By Reuters

© Reuters. FILE PHOTO – Models of oil barrels and a pump jack are displayed in front of a rising stock graph and “$100” in this illustration taken February 24, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) – Oil prices rose in early Asian trade on Tuesday after European Union leaders said they had agreed to cut 90% of oil imports from Russia by the end of this year.

futures for July, which will expire on Tuesday, gained 63 cents to $122.30 a barrel at 0012 GMT.

U.S. West Texas Intermediate (WTI) crude futures were trading at $117.65 a barrel, up $2.58 from Friday’s close. There was no settlement on Monday due to a U.S. public holiday.

The ban on Russian oil is expected to tighten a global crude market which has already been facing supply constraints amid post-pandemic demand recovery.