Oil prices climb to over 2-month highs ahead of EU meeting on Russia sanctions – Reuters

Oil prices climb to over 2-month highs ahead of EU meeting on Russia sanctions – Reuters

SINGAPORE, May 30 (Reuters) - Oil prices climbed on Monday, hitting their highest in more than two months, as traders waited to see if the European Union would reach an agreement on banning Russian oil imports to sanction Moscow for its invasion of Ukraine.

The Brent crude futures contract for July, which expires on Tuesday, was up 37 cents, or 0.3%, at $119.80 a barrel at 0534 GMT, after rising to as high as $120.50 earlier in the session. The more active Brent contract for August rose 67 cents, or 0.6%, to $116.23 a barrel.

Meanwhile U.S. West Texas Intermediate (WTI) crude futures jumped 78 cents, or 0.7%, to $115.85 a barrel, extending solid gains made last week.