Brent Crude Hits $120 as China Eases Curbs, EU Eyes Russia Ban

Key Chinese city will ease lockdown as manufacturers restart
EU yet to hammer out deal to restrict imports of Russian crude

Citi’s Morse: Oil in $70 Range a Fair Value by Year End

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By Grant Smith and Devika Krishna Kumar

May 29, 2022 at 10:32 PM UTC

Updated on

May 30, 2022 at 6:34 PM UTC

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Brent crude surged past $120 as China eased anti-virus lockdowns and the European Union worked on a plan to ban imports of Russian crude.

Oil rose 1.9% to reach its highest closing price since March 8, extending last week’s 6% rally. China’s key commercial hub of Shanghai allowed all manufacturers to resume operations from June, while officials said Beijing’s coronavirus outbreak is under control. Trading in U.S. crude futures was muted due to the Memorial Day holiday.