LONDON—Oil prices extended a bull run on Tuesday after the EU agreed to a partial and phased ban on Russian oil and China decided to lift some coronavirus restrictions amid rising demand ahead of the peak U.S. and European summer driving season.
Brent crude for July, which expires on Tuesday, rose $2.11, or 1.7 percent, to $123.78 a barrel by 1103 GMT, after earlier rising to $124.10—its highest since March 9. The August contract rose $1.57 to $119.17.
The premium of August-loading Brent contracts over a six-month spread hit a nine-week high at close to $15 a barrel, indicating current supply tightness.
U.S. West Texas Intermediate (WTI) crude was trading at $118.53 a barrel, up $3.46 in a fourth consecutive session of gains, up 3 percent from Friday’s close, hitting its highest since March 9. There was no settlement on Monday due to a U.S. public holiday….