The European Union has found agreement on a sixth package of anti-Russian sanctions. It mainly includes an agreement to limit oil imports from Russia, which would mean a decrease in its supply by at least two-thirds, but even by 90 percent.
European Union reached and aggreement
The price of brent crude oil began to soar in Tuesday’s trading after the leaders of the European twenty-seven countries reached an agreement on an embargo on Russian oil imports into the EU. Although the ban on the import of black gold from Russia will not come into effect until the end of the year and is only partial, the market has felt the results of the extraordinary EU summit. Oil rose above $123 a barrel, then fell below the $120 mark. Still, it is about 2.5 percent more expensive than on Monday and almost a tenth more expensive than two weeks ago.
Ongoing increase of oil price
According to experts, it is necessary to count on the fact that oil will continue to increase in price on the world market. On the one hand, due to the arrival of summer, when the motoring season is at its peak, the demand for oil is traditionally growing, and on the other hand, because of the gradual easing of anti-epidemic measures in China. As the economy of the world’s most populous country recovers, demand for oil will also rise.
