Oil hits two-month high before EU meeting on Russia ban

Bloc is due to meet on Monday and Tuesday to discuss a sixth package of sanctions

Melbourne — Oil prices rose to two-month highs on Monday as traders waited to see if the EU would reach an agreement on banning Russian oil ahead of a meeting on a sixth package of sanctions against Moscow for its invasion of Ukraine.

“I don't think it would be a stretch to assume that speculators are positioning for a post-EU summit oil market bounce,” said SPI Asset Management managing partner Stephen Innes. If agreed, a deal would allow Hungary, Slovakia and Czechia to continue to receive their Russian oil via the Druzhba pipeline for some time until alternative supplies can be arranged.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

BDliveSA /  🏆 12. in ZA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

EU fails to agree on Russia oil embargo, to try again Monday before summitThe EU failed on Sunday to agree on an embargo of Russian oil, but diplomats but will still try to make progress ahead of a Monday-Tuesday summit on an exemption for pipeline deliveries to landlocked Central European countries, officials said.
Read more »

Russia's raking in billions in oil revenue, but running out of buyers | BusinessinsiderThe EU is about to ban Russian oil and traders everywhere are 'self-sanctioning'. The list of buyers is getting shorter, with just China at the top.
Read more »

UK slaps 25% windfall tax on profits of oil and gas companiesBoris Johnson’s government will impose a so-called windfall tax on the profits of oil and gas companies to help fund support for Britons facing a cost-of-living crisis.
Read more »

OPINION | Gwede Mantashe, like Nongqawuse, is the false prophet of oil and gas prosperityOPINION | Gwede Mantashe, like Nongqawuse, is the false prophet of oil and gas prosperity: Exploration has brought income inequality and poverty to people in Mauritius, Mozambique and Nigeria.
Read more »

Civil society protests oil and gas projects ahead of Shell court battle | Fin24This week, Shell will be in court to defend its proposed seismic survey off the Wild Coast. Civil society groups are protesting against offshore oil and gas exploration, ahead of the hearing. | Fin24
Read more »