Brent rises to $110.86 per barrel

Oil prices continued to rise on May 5 after a 5% jump on May 4 against the backdrop of EU plans to impose an embargo on fuel imports from Russia. The traders are focused on the OPEC+ meeting, which is expected to result in a decision on a small increase in production, Report informs referring to Interfax.

July Brent futures rose by $0.72 (0.65%) on the London ICE Futures Exchange to $110.86 per barrel. On May 4, Brent rose by $5.17 (4.9%) to $110.14 per barrel.

June futures for WTI rose in online trading on the New York Mercantile Exchange (NYMEX) by $0.44 (0.41%), to $108.25 per barrel. During the previous session, the contract rose by $5.4 (5.3%) to $107.81 per barrel.

Experts from the OPEC+ technical committee recommended adhering to the alliance’s plan to increase the oil production quota by 432,000 barrels per day in June.

On May 5, an OPEC+ ministerial committee will be held to consider the report of the technical committee and make recommendations for a full-scale meeting of OPEC+ ministers.

Head of the European Commission Ursula von der Leyen said on May 4 that the EC considers it necessary to ban the import of all Russian oil by the EU countries within the upcoming sixth package of sanctions against Russia.

Bloomberg also reported that European countries may prohibit their companies from providing services to Russia in the transportation of its oil, including insurance services.