Muscat – Oil prices rose further on Tuesday hitting its highest in over a month with Oman crude contract price (for July 2022 delivery) at Dubai Mercantile Exchange going up by US$4.51 to reach US$111.03 per barrel.

The fresh hike is attributed to the European Union’s ongoing push for a ban on Russian oil imports that would tighten supply and as investors focused on higher demand from an easing of China’s COVID-19 lockdowns.

EU foreign ministers failed on Monday in their effort to pressure Hungary to lift its veto on the proposed oil embargo. But some diplomats now point to a May 30-31 summit as the moment for agreement on a phased ban on Russian oil.

Brent crude rose as high as US$115.14, its highest since March 28, while the US West Texas Intermediate crude slid 26 cents, or 0.2 per cent, to US$113.94.

“Oil prices have remained near multi-week highs this week, supported by surging gasoline and distillate prices in the US, and fears around an EU ban on Russian oil imports remaining in play,” said Jeffrey Halley, analyst at brokerage OANDA.

Crude has surged in 2022, with Brent hitting US$139, its hig-hest since 2008, in early March as Russia’s invasion of Ukraine exacerbated supply concerns.

Agencies