Oil prices surged above $120 a barrel today, reaching their highest level in more than two months, as traders awaited word from the European Union on whether it would agree to a ban on Russian oil imports.
The Brent crude futures contract for July, which will expire on Tuesday, was up 69 cents, or 0.6%, at $120.12 a barrel at 1310 GMT.
The August Brent contract, which is more active, rose 85 cents, or 0.7%, to $116.41 a barrel.
An EU ban on Russian oil imports would further tighten a crude market already strained for supply.
The Organization of the Petroleum Exporting Countries and allies including Russia are set to rebuff Western calls to speed up increases in output when they meet on Thursday.
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