Oil prices soared to a two-month high supported by positive market sentiment supported by the reduction of Covid-19 restrictions in major Chinese cities.
Shanghai said on Sunday that it would lift restrictions on businesses starting June 1, while Beijing has reopened its public transport division as well as several shopping malls and other places as cases of the infection stabilize.
This boosts investor confidence that easing in sanctions in China will boost global consumption again and thus stimulate an overall recovery.
At the opening of the European session, US WTI futures traded higher at $ 115 a barrel, while Brent crude strengthened at $ 119 a barrel.
Meanwhile, investors 'focus is now on the European Union's (EU) efforts in obtaining member states' agreement to block Russian oil ahead of the EU summit.
Earlier, it was reported that the EU had failed to reach a mutual agreement, but diplomats were still experimenting with the European Commission’s proposal that the ban only apply to Russian oil brought into the EU by tankers.
This will allow Hungary, Slovakia and Czechia to continue receiving their Russian oil through the Druzhba pipeline until they find other alternative supplies.
The EU summit will take place this week for two days, namely on Monday and Tuesday.
