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Reuters

Oil climbs above $121 a barrel as China eases restrictions, EU meets

(Reuters) -Oil prices climbed above $121 a barrel on Monday, hitting a two-month high as China eased COVID-19 restrictions and traders priced in expectations that the European Union will eventually reach an agreement to ban Russian oil imports. The Brent crude futures contract for July, which will expire on Tuesday, settled up $2.24, or 1.9%, at $121.67 a barrel. U.S. West Texas Intermediate (WTI) crude futures were up $1.99, or 1.7%, to $117.06 a barrel at 18.03 GMT, extending solid gains made last week.

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