Oil climbs to a two-month high as China eases lockdowns and the EU works on a plan to ban imports of Russian crude
Oil climbed to a two-month high as China eased antivirus lockdowns and the EU worked on a plan to ban imports of Russian crude.
Brent crude is on course for a sixth straight monthly climb, in what would be the longest such run in more than a decade. The advance has been driven by the fallout from the war in Ukraine, as well as increased demand as more economies return from Covid-19-related restrictions. “It’s tight supply, Chinese demand and the beginning of the US driving season in focus,” said Ole Hansen, head of commodities strategy at Saxo Bank. At the same time, Opec+ has fallen behind production targets and is struggling to meet quotas.
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