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The rise in oil prices comes with observers expecting it to reach European Union A final agreement to ban Russian oil imports.
By 16:16 GMT, Brent crude futures for July rose $1.35, or 1.1 percent, to $120.78 a barrel.
The Brent contract for August also rose $1.27, or 1.1 percent, to $116.81 a barrel.
West crude futures jumped Texas The US broker was $1.11, or 1 percent, to $116.18 a barrel, to continue the strong gains made last week.
Nearby European UnionMonday and Tuesday, to discuss a sixth package of sanctions against Russia Because of its military operation in Ukraine. So far, the EU countries have failed to agree to ban the import of Russian oil.
Danielle Ghaly, senior commodity analyst at "TD Securities" In Toronto: "Europe It has been negotiating about this for over a month, but the market is cautious about the decision".
On her part, Leona Liu, an analyst at "DailyFX" In Singapore: "It remains very difficult for the European Community to reduce its energy dependence on Russia, in the short term".
Reports revealed that the leaders of 27 European countries will agree "In principle on the oil embargo, they will leave the practical details and difficult decisions to later".
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The rise in oil prices comes with observers expecting it to reach European Union A final agreement to ban Russian oil imports.
By 16:16 GMT, Brent crude futures for July rose $1.35, or 1.1 percent, to $120.78 a barrel.
The Brent contract for August also rose $1.27, or 1.1 percent, to $116.81 a barrel.
West crude futures jumped Texas The US broker was $1.11, or 1 percent, to $116.18 a barrel, to continue the strong gains made last week.
Nearby European UnionMonday and Tuesday, to discuss a sixth package of sanctions against Russia Because of its military operation in Ukraine. So far, the EU countries have failed to agree to ban the import of Russian oil.
Danielle Ghaly, senior commodity analyst at TD Securities in Toronto, said:Europe It has been negotiating this for over a month, but the market is cautious about the decision.”
“It is still very difficult for the European group to reduce its energy dependence on Russia, in the near term,” said Leona Liu, an analyst at DailyFX in Singapore.
Reports revealed that the leaders of 27 European countries will agree “in principle to the oil embargo, and will leave the practical details and difficult decisions for later.”