Oil prices rise after EU bans most Russian oil imports

Brent crude LCOc1 futures for July, which will expire on Tuesday, gained 63 cents to US$122.30 a barrel at 0012 GMT.(0812 Malaysian time) U.S. West Texas Intermediate (WTI) crude CLc1 futures were trading at $117.65 a barrel, up $2.58 from Friday's close.

Oil prices rose in early Asian trade on Tuesday after European Union leaders said they had agreed to cut 90% of oil imports from Russia by the end of this year.

Brent crude LCOc1 futures for July, which will expire on Tuesday, gained 63 cents to US$122.30 a barrel at 0012 GMT.(0812 Malaysian time)

U.S. West Texas Intermediate (WTI) crude CLc1 futures were trading at $117.65 a barrel, up $2.58 from Friday's close.

There was no settlement on Monday due to a U.S. public holiday.

The ban on Russian oil is expected to tighten a global crude market which has already been facing supply constraints amid post-pandemic demand recovery. - Reuters