WASHINGTON (dpa-AFX) - Crude oil prices climbed higher and hit 2-month highs on Tuesday, lifted by the European Union's decision to ban most Russian oil imports by the end of the year.
A drop in coronavirus cases in Beijing and improved Chinese PMI data raised hopes that energy demand in the world's second largest economy will pick up and contributed significantly to the uptick in oil prices.
However, reports that some members of the Organization of the Petroleum Exporting Countries (OPEC) are in favor of suspending Russia's participation in an oil-production deal pulled down oil prices down into negative territory towards the closing minutes of the session.
West Texas Intermediate Crude oil futures ended lower by $0.40 or about 0.35% at $114.67 a barrel, after having rallied to $119.98 a barrel earlier in the day.
Brent crude futures gained $1.10 or about 0.9% to $122.80 a barrel.
'The European Council agrees that the sixth package of sanctions against Russia will cover crude oil, as well as petroleum products, delivered from Russia into Member States, with a temporary exception for crude oil delivered by pipeline,' according to a statement released by the European Council today.
It is expected that the EU ban on Russian oil will effectively cut around 90% of oil imports from that country to the EU by the end of this year.
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