Oil Prices Surpass $120 per Barrel as Europe Considers Sanctions on Russian Energy Imports

Oil Prices Surpass $120 per Barrel as Europe Considers Sanctions on Russian Energy Imports
The PCK Raffinerie oil refinery, which receives crude oil from Russia via the "Friendship" pipeline, is pictured in Schwedt/Oder, Germany, on March 8, 2022. Hannibal Hanschke/Reuters
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Oil prices remained elevated during early trading on May 30 as traders await Europe’s decision on Russian oil import sanctions.

The Brent crude oil futures contract for July hit $120.02 per barrel at 11 a.m. UTC (7 a.m. Eastern time) on May 30, its highest level in over two months. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures hit $115.72 per barrel. The European Union is scheduled to meet on May 30–31 to discuss the sixth package of sanctions against Russia for its invasion of Ukraine.

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