The oil market reacted to the EU embargo
At the EU summit the day before, they decided to impose a ban on the import of Russian oil, except for pipeline deliveries.
World prices for oil of reference grades rise in price on Tuesday, May 31, after the decision of the European Union to introduce a partial embargo on Russian oil.
Thus, the cost of Brent oil rose to $120 per barrel.
Futures for US WTI crude are approaching $118 per barrel.
Recall that on the eve of the EU leaders reached a compromise on the issue of a ban on the import of Russian oil. The embargo will affect 90% of all Russian oil imports by the end of this year.
The remaining 10 or 11% goes along the southern branch of the Druzhba pipeline to Hungary, Slovakia and the Czech Republic. There is a temporary exemption for these countries.