Oil rose sharply ahead of the EU embargo decision

International benchmarks for crude oil settled higher on Friday, 27 May 2022 as the market awaits final decisions from the EU members on whether the block would totally ban the import of Russian oil and gas. Meanwhile, the demand in the US is expected to pick up significantly ahead of the summer driving season.

Brent gained $2.03 or 1.7% to close at $119.43/barrel.

WTI inched 98 cents higher to settle at $115.07/barrel.