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Oil prices up on EU ban of most Russian imports; Brent crude reaches $122/bbl

Oil prices up on EU ban of most Russian imports; Brent crude reaches $122/bbl

Brent crude futures for July, which expires on Tuesday, gained 33 cents to $122 a barrel at 0054 GMT. The more active August contract rose 33 cents to $117.93.

US West Texas Intermediate (WTI) crude futures were trading at $117.31 a barrel, up $2.24 from Friday's close. US West Texas Intermediate (WTI) crude futures were trading at $117.31 a barrel, up $2.24 from Friday's close.

Oil prices rose on Tuesday after EU agreed to slash oil imports from Russia by the end of 2022, fuelling worries of a tighter market already strained for supply amid rising demand ahead of peak U.S. and European summer driving season.

Brent crude futures for July, which expires on Tuesday, gained 33 cents to $122 a barrel at 0054 GMT. The more active August contract rose 33 cents to $117.93.

US West Texas Intermediate (WTI) crude futures were trading at $117.31 a barrel, up $2.24 from Friday's close. There was no settlement on Monday due to a US public holiday.

European Union leaders agreed in principle to cut 90% of oil imports from Russia by the end of 2022, resolving a deadlock with Hungary over the bloc's toughest sanction yet on Moscow since the invasion of Ukraine three months ago.

However, some experts said oil price gains may be muted as the market had already priced in the supply constraints.

Almost every EU member was on board with the ban, suggesting the market was "already pricing in EU self-sanction and significantly less Russian oil flowing to Europe this year", SPI Asset Management Managing Partner Stephen Innes told Reuters.