Oil prices remained elevated during early trading on May 30 as traders await Europe’s decision on Russian oil import sanctions.
The Brent crude oil futures contract for July hit $120.02 per barrel at 11 a.m. UTC (7 a.m. Eastern time) on May 30, its highest level in over two months. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures hit $115.72 per barrel. The European Union is scheduled to meet on May 30–31 to discuss the sixth package of sanctions against Russia for its invasion of Ukraine.
In its past five sanction packages, the EU targeted over 1,000 key Russian individuals, banks, and businesses. The sixth package was announced on May 4 but EU member states have yet to arrive at a consensus about implementing it, since many nations are highly dependent on Russian energy imports….