Oil continues to stay at elevated levels as Beijing and Shanghai started to ease Covid restrictions during the weekend while the EU discusses a plan to ban imports of Russian crude. EU governments failed to agree on an embargo on Russian oil on Sunday. The EU is due to meet on Monday and Tuesday to discuss a sixth package of sanctions against Russia for its invasion of Ukraine, actions which Moscow calls a special military operation. COMEX crude oil futures climbed to more than two month highs. West Texas Intermediate (WTI) crude futures jumped 65 cents, or 0.6%, to $115.72 a barrel, extending gains from last week. Powered by Commodity Insights
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