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May 30, 2022

Oil Prices Hit Over Two-month Highs Ahead Of EU Meeting

Oil prices hit their highest level in more than two months on Monday, as China eased COVID-19 restrictions and moved to stimulate the country’s faltering economy.

Benchmark Brent crude futures rose half a percent to $116.12 a barrel, while U.S. crude futures were up half a percent at $115.64.

Both Beijing and Shanghai eased COVID restrictions, with authorities in Shanghai rolling out a total of 50 stimulus measures to support the local economy, which has been hit hard by the restrictions.

Investors also await the outcome of a two-day meeting of EU member states later in the day to debate the sixth package of sanctions to punish Moscow.

A high-ranking EU official stated that it is critical to keep working and not give up until the deal on the sixth package of sanctions is reached.

The EU failed on Sunday to agree on an embargo of Russian oil over Moscow’s invasion of Ukraine.

Also, the oil producers’ international cartel, the Organization of the Petroleum Exporting Countries (OPEC), is set to rebuff Western calls to speed up their oil output additions when they meet on Thursday.

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