Oil rises to 7-wk high on EU’s Russian oil ban effort, demand hopes

Published by
Reuters UK

By Stephanie Kelly NEW YORK (Reuters) -Oil prices rose to over $115 a barrel on Tuesday, their highest in about seven weeks, supported by the European Union’s ongoing push for a ban on Russian oil imports that would tighten supply. The easing of China’s COVID-19 lockdowns also supported prices, as investors grew more optimistic about demand from the world’s second-largest economy. Brent crude rose 91 cents to $115.15 a barrel by 11:11 a.m. EDT (1511 GMT), and U.S. West Texas Intermediate (WTI) crude was 77 cents higher at $114.97 a barrel. During the session, Brent rose to a session high of $1…

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