Oil prices rose to their highest level in more than two months Monday, driven by China’s tentative emergence from Covid-19 shutdowns.
A renewed push by European Union leaders to strike a deal that would ban most Russian oil imports added to the upward momentum on prices. Heading into the summit in Brussels, German Chancellor
Olaf Scholz
said he was confident the bloc would find a consensus over a ban—though other European leaders were more cautious about the chances of an imminent agreement.
The twin prospect of rising oil demand in Asia and curbed supplies out of Russia pushed benchmark Brent-crude prices up 1.2% to $116.96 a barrel. That’s their highest level since late March. Since then, falling fuel consumption in China has tamed global demand and pulled crude prices down from their 2022 highs of about $139 a barrel.
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