Brent trims gains after crossing $120

Oil drilling rigs

Oil started the week on a positive note today, May 30, amid China’s easing of lockdown measures and as the European Union (EU) worked towards a plan to ban Russian crude imports.

Brent crude was trading up 0.39% at $119.89 per barrel, at 9:01 am GMT, edging down after crossing $120-mark earlier in the session.

West Texas Intermediate (WTI) crude rose 0.64% to $115.81 a barrel. No settlement will take place today due to US market holiday.

Shanghai allowed all manufacturers to resume business from June, and will speed up approvals for real estate projects and introduce new housing projects.

Meanwhile, the EU is scheduled to meet on May 30-31 to discuss the sixth package of sanctions against Russia over its invasion of Ukraine, after EU governments failed to agree on a Russian oil embargo on May 29.