Crude Oil prices climbed to two-month highs on Monday as traders awaited word from the European Union on whether it would agree to ban Russian oil ahead of a meeting on a sixth round of sanctions on Russia for its invasion of Ukraine.
At 0111 GMT, Brent oil LCOc1 futures were up 46 cents, or 0.4 percent, to USD119.89 a barrel, while US West Texas Intermediate (WTI) crude CLc1 futures were up 60 cents, or 0.5 percent, to USD115.67 a barrel, extending strong gains from the previous week.
On Monday and Tuesday, the European Union (EU) will discuss a sixth set of sanctions against Russia for its invasion of Ukraine, which Moscow describes as a "special operation" to disarm its neighbour.
Any additional sanctions against Russian oil would squeeze an already tight crude market, which is already strained by increased demand for gasoline, diesel, and jet fuel ahead of the high summer demand season in the US and Europe.
Officials indicated that while EU nations failed to agree on an embargo on Russian oil on Sunday, talks on a compromise to block seaborne deliveries of Russian oil while permitting pipeline deliveries will continue ahead of the summit on Monday afternoon.
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