Crude prices continue to rise in the middle of the European trading session for today, Tuesday, May 31 (May) for the fifth session in a row, to trade at their highest levels since last March, as crude prices receive support from the European Union’s ban on most Russian oil imports, reaching two-thirds of oil imports yesterday, Monday in The framework of new sanctions on Moscow.

The leaders of the European Union agreed in their meeting on Monday to reduce up to 90% of Russian oil imports by the end of this year, as the embargo includes Russian oil transported by sea, while giving a temporary exemption to imports by pipeline.

In a related development, China, the largest consumer of crude in the world, announced the end of its partial closure of its largest industrial city, Shanghai, yesterday, Monday, and the easing of many previous measures, after limiting Corona injuries, so that public transport and railway services resume their work in Shanghai, which constituted additional support for crude, with expectations of high demand from China .

Brent crude is trading at levels of $123.83 a barrel, an increase of about 1.77%, while the US NYMEX crude is trading at levels of $119.04 a barrel, an increase of about 3.45%.

At today’s close, crude prices recorded gains for the sixth consecutive month in May, the longest series of monthly gains since 2011.