Sydney June 1 2022: Oil prices rose in early Asian trade on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and China ended its COVID-19 lockdown in Shanghai.
Brent crude for August delivery was up 78 cents, or 0.7%, at $116.38 a barrel at 0037 GMT.
The front-month contract for July delivery expired on Tuesday at $122.84 a barrel, up 1%.
U.S. West Texas Intermediate (WTI) crude rose 63 cents, or 0.6%, to $115.30 a barrel.
Both benchmarks ended the month of May higher, marking the sixth straight month of rising prices.
EU leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year, the bloc’s toughest sanction yet on Moscow since the invasion of Ukraine three months ago, which Moscow calls a “special military operation”.
