scorecardresearchOil prices open higher on EU Russian oil ban, end of Shanghai lockdown

Oil prices open higher on EU Russian oil ban, end of Shanghai lockdown

Updated: 01 Jun 2022, 07:50 AM IST
TL;DR.
Brent crude for August delivery was up 78 cents, or 0.7%, at $116.38 a barrel at 0037 GMT.
Valve control wheels for the Friendship 2 crude oil pipeline at the Duna oil refinery, operated by MOL Hungarian Oil & Gas Plc, in Szazhalombatta, Hungary, on Thursday, May 26, 2022. Hungarian Prime Minister Viktor Orban said there was no consensus among European Union leaders on banning Russian oil but signaled he was ready to agree if the bloc guarantees his country still receives the fuel via a pipeline and other measures in case that avenue is disrupted. Photographer: Akos Stiller/Bloomberg

Valve control wheels for the Friendship 2 crude oil pipeline at the Duna oil refinery, operated by MOL Hungarian Oil & Gas Plc, in Szazhalombatta, Hungary, on Thursday, May 26, 2022. Hungarian Prime Minister Viktor Orban said there was no consensus among European Union leaders on banning Russian oil but signaled he was ready to agree if the bloc guarantees his country still receives the fuel via a pipeline and other measures in case that avenue is disrupted. Photographer: Akos Stiller/Bloomberg