Oil rises to its highest level in two months

Oil prices rose today to their highest level in two months, with Shanghai announcing the end of the Covid-19 closure measures and will allow the vast majority of people in China's largest city to leave their homes and drive their cars from Wednesday.

The European Union meets on Monday and Tuesday to discuss the sixth package of sanctions against Russia for its invasion of Ukraine, and the European Union countries had failed to agree to ban the import of Russian oil despite last-minute bargains before the summit in Brussels. Brent crude futures for July rose $2.24, or 1.9%, to $121.67 a barrel, and US West Texas Intermediate crude futures rose $1.99, or 1.7%, to $117.06 a barrel.