New Delhi: Crude oil prices rose in early deals on Tuesday as members of the European Union (EU) agreed to cut oil imports from Russia by up to 90% by the end of 2022.
European Commission President Ursula von der Leyen said on Twitter: “I welcome tonight’s #EUCO agreement on oil sanctions against Russia. This will effectively reduce oil imports from Russia to the EU by the end of the year. Will cut 90%.”
The embargo would cover oil and petroleum products but it would also temporarily exempt oil delivered from Russia by pipeline to give Hungary, Slovakia and the Czech Republic more time to reduce Russian supplies.
At 1014 am, the Brent July contract on the Intercontinental Exchange was trading at $123.20, up 1.26% from the previous close. West Texas Intermediate futures jumped 2.97% to $118.49 a barrel on the NYMEX.
Rahul Kalantri, Vice President, Commodities at Mehta Equities, said the easing of COVID-19 restrictions in China has also boosted demand expectations and supported prices. We expect crude oil prices to remain strong in today’s session.
Despite the rise in global crude oil prices, domestic petrol and diesel prices remained unchanged for the ninth consecutive day. In the national capital, petrol sold 96.72 per liter and diesel price of . Was 89.62 per liter.
The retail prices were last revised on May 22, a day after the Center announced a reduction of Rs 8 per liter in excise duty on petrol and Rs 6 per liter on diesel.
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