Oil prices fell by around $3 a barrel in early Asian trade on Thursday as investors cashed in on a recent rally with a key producers meeting later in the day set to pave the way for expected output increases.

Oil prices skid $3 a barrel as investors take profits ahead of OPEC+ meeting

In order to reprimand Russia over Ukraine war, European Union (EU) leaders have finally decided to cut 90% oil imports from Moscow. The ban will be implemented by the end of the year. But the move seems to have triggered a spike in the prices of the commodity. The price of oil witnessed a hike in early Asian trade on Tuesday, media reports said. The Russian oil’s ban looks to tighten the global crude market, which was already under pressure due to the supply constraints.&nbsp;&nbsp;

The Brent crude futures for July rose 63 cents to $122.30 a barrel at around 0012 GMT. It will end on Tuesday. US West Texas Intermediate (WTI) crude futures were selling at $117.65 a barrel, which is up $2.58 from closure on Friday. As Monday was a US public holiday, there was no settlement. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/eu-agrees-to-ban-more-than-two-thirds-of-russian-oil-import-483658" hreflang="en">EU agrees to ban 'more than two thirds' of Russian oil import</a>

Earlier, the European Union (EU) on Monday (May 30) agreed to ban most Russian oil imports, but not before some heavy haggling to strife compromise deal with Hungary which opposed the ban. Negotiations over banning Russian oil imports have been going on for weeks.&nbsp;A total embargo was fiercely opposed by Hungary PM Viktor Orban. &nbsp;

EU leaders meeting in Brussels hatched a compromise deal to exempt deliveries by pipeline from the ban, after Budapest warned halting supplies would wreck its economy. &nbsp;&nbsp;

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"Agreement to ban export of Russian oil to the EU. This immediately covers more than two thirds of oil imports from Russia, cutting a huge source of financing for its war machine," European Council chief Charles Michel tweeted during the summit. "Maximum pressure on Russia to end the war." &nbsp;

EU chief Ursula von der Leyen said that the decision taken by the bloc "will effectively cut around 90 per cent of oil imports from Russia to the EU by the end of the year" as Germany and Poland had committed to renounce deliveries via a pipeline to their territory. &nbsp;

(With inputs from agencies)&nbsp;

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In order to reprimand Russia over Ukraine war, European Union (EU) leaders have finally decided to cut 90% oil imports from Moscow. The ban will be implemented by the end of the year.

In order to reprimand Russia over Ukraine war, European Union (EU) leaders have finally decided to cut 90% oil imports from Moscow. The ban will be implemented by the end of the year. But the move seems to have triggered a spike in the prices of the commodity. The price of oil witnessed a hike in early Asian trade on Tuesday, media reports said. The Russian oil’s ban looks to tighten the global crude market, which was already under pressure due to the supply constraints. The Brent crude futures for July rose 63 cents to $122.30 a barrel at around 0012 GMT. It will end on Tuesday. US West Texas Intermediate (WTI) crude futures were selling at $117.65 a barrel, which is up $2.58 from closure on Friday. As Monday was a US public holiday, there was no settlement. Also Read: EU agrees to ban 'more than two thirds' of Russian oil import Earlier, the European Union (EU) on Monday (May 30) agreed to ban most Russian oil imports, but not before some heavy haggling to strife compromise deal with Hungary which opposed the ban. Negotiations over banning Russian oil imports have been going on for weeks. A total embargo was fiercely opposed by Hungary PM Viktor Orban. EU leaders meeting in Brussels hatched a compromise deal to exempt deliveries by pipeline from the ban, after Budapest warned halting supplies would wreck its economy. WATCH WION LIVE HERE "Agreement to ban export of Russian oil to the EU. This immediately covers more than two thirds of oil imports from Russia, cutting a huge source of financing for its war machine," European Council chief Charles Michel tweeted during the summit. "Maximum pressure on Russia to end the war." EU chief Ursula von der Leyen said that the decision taken by the bloc "will effectively cut around 90 per cent of oil imports from Russia to the EU by the end of the year" as Germany and Poland had committed to renounce deliveries via a pipeline to their territory. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

After EU bans Russian oil imports, prices jump in early Asian trade  

Oil prices have went down in early Asian trade on Monday after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.

World Business Watch: Oil prices slip after OPEC+ agree to ease output cuts

Asian markets mostly rose Tuesday after Wall Street finished a volatile quarter on a positive note, while China began a week-long break to celebrate the 70th birthday of the People's Republic.

Following Wall Street's lead, Tokyo climbed 0.7 per cent, helped by a drop in the yen and as investors shrugged off a Japanese survey that showed business confidence continued falling.

Buyer sentiment got a boost from comments from the Trump administration denying the likelihood of potential new US restrictions on Chinese investment, analysts said.

"<a href="Global Markets: Asian shares, Yuan off to calm start; focus on China">US stocks rebounded and the dollar topped 108 yen</a>" in a positive development for Japanese exporters, Seiichi Suzuki, senior market analyst at Tokai Tokyo Research Institute, told AFP.

Taipei and Singapore both jumped 1.0 per cent and gains were also seen in Wellington and Seoul. Manila and Bangkok were both down by around half a per cent while Jakarta was flat.

Investors are looking ahead to the resumption of talks between Beijing and Washington this month, said Quincy Krosby, chief market strategist of Prudential Financial.

The talks are "clearly a positive for the markets because the effect it has on the world economy is paramount going into the last quarter", Krosby said.

Markets in China and Hong Kong were closed for a public holiday as anniversary celebrations were underway in Beijing but with mass protests planned in the southern financial hub.

Sydney rose 0.3 per cent ahead of a central bank meeting, with a rate cut predicted by a Bloomberg survey of economists.

Oil prices had fallen sharply Monday following reports that Saudi Arabia restored oil production more quickly than expected following attacks on infrastructure.

The retreat in prices also came after remarks by Saudi leader Mohammed bin Salman endorsing a non-military solution for a longstanding conflict with Iran, which Saudi Arabia has blamed for the recent oilfield attacks.

He told a "60 minutes" war would be catastrophic for global growth.

"Oil supplies will be disrupted and oil prices will jump to unimaginably high numbers that we haven't seen in our lifetimes," the prince said.

On Tuesday Brent crude was still down but West Texas Intermediate rose 0.5 per cent.

Asian markets mostly rose Tuesday after Wall Street finished a volatile quarter on a positive note, while China began a week-long break to celebrate the 70th birthday of the People's Republic.

Asian markets mostly rose Tuesday after Wall Street finished a volatile quarter on a positive note, while China began a week-long break to celebrate the 70th birthday of the People's Republic. Following Wall Street's lead, Tokyo climbed 0.7 per cent, helped by a drop in the yen and as investors shrugged off a Japanese survey that showed business confidence continued falling. Buyer sentiment got a boost from comments from the Trump administration denying the likelihood of potential new US restrictions on Chinese investment, analysts said. "US stocks rebounded and the dollar topped 108 yen" in a positive development for Japanese exporters, Seiichi Suzuki, senior market analyst at Tokai Tokyo Research Institute, told AFP. Taipei and Singapore both jumped 1.0 per cent and gains were also seen in Wellington and Seoul. Manila and Bangkok were both down by around half a per cent while Jakarta was flat. Investors are looking ahead to the resumption of talks between Beijing and Washington this month, said Quincy Krosby, chief market strategist of Prudential Financial. The talks are "clearly a positive for the markets because the effect it has on the world economy is paramount going into the last quarter", Krosby said. Markets in China and Hong Kong were closed for a public holiday as anniversary celebrations were underway in Beijing but with mass protests planned in the southern financial hub. Sydney rose 0.3 per cent ahead of a central bank meeting, with a rate cut predicted by a Bloomberg survey of economists. Oil prices had fallen sharply Monday following reports that Saudi Arabia restored oil production more quickly than expected following attacks on infrastructure. The retreat in prices also came after remarks by Saudi leader Mohammed bin Salman endorsing a non-military solution for a longstanding conflict with Iran, which Saudi Arabia has blamed for the recent oilfield attacks. He told a "60 minutes" war would be catastrophic for global growth. "Oil supplies will be disrupted and oil prices will jump to unimaginably high numbers that we haven't seen in our lifetimes," the prince said. On Tuesday Brent crude was still down but West Texas Intermediate rose 0.5 per cent.

Tokyo leads Asian market gains in holiday trade

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Oil prices skid $3 a barrel as investors take profits ahead of OPEC+ meeting

After EU bans Russian oil imports, prices jump in early Asian trade

World Business Watch: Oil prices slip after OPEC+ agree to ease output cuts

Tokyo leads Asian market gains in holiday trade