Caixin
May 30, 2022 03:09 PM
FINANCE

Brent Crude Tops $120 as Shanghai Eases Curbs, EU Leaders Meet

A land drilling oil rig, manufactured by Megha Engineering and Infrastructures Ltd. (MEIL) and operated by Oil and Natural Gas Corp., during a media tour in Bhimavaram, Andhra Pradesh, India. Photo: Bloomberg
A land drilling oil rig, manufactured by Megha Engineering and Infrastructures Ltd. (MEIL) and operated by Oil and Natural Gas Corp., during a media tour in Bhimavaram, Andhra Pradesh, India. Photo: Bloomberg

(Bloomberg) — Oil climbed at the week’s open as China eased anti-virus lockdowns and the EU worked on a plan to ban imports of Russian crude.

Brent crude topped $120 a barrel, then pared some gains, after the benchmark jumped more than 6% last week to post the highest close in two months. The key hub of Shanghai allowed all manufacturers to resume operations from June, while officials said Beijing’s coronavirus outbreak is under control.

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