US crude prices gave up their gains when settling the trading session on Tuesday, May 31, due to a Wall Street Journal report that some OPEC members are studying the idea of suspending Russia’s participation in the production agreement.
Oil prices received support throughout most of the session from the European Union’s decision to ban most oil imports from Russia.
Upon settling the trading session on Tuesday, Texas crude contracts fell by 0.4%, or 40 cents, to record 114.67 dollars a barrel, following reaching 119.98 dollars a barrel during the trading session.
Brent crude contracts for August delivery closed the session down by $2, or 1.7%, to settle at $115.60 a barrel, following rising to $120.80 earlier in the session.
As for contracts for July delivery, whose trading ended today, they rose by $1.17, or 1%, to $122.84 a barrel.
Although they turned lower at the end of the session, the two benchmarks recorded gains for the sixth consecutive month.
