Brent reached $120 for the first time in two months

Oil prices at the beginning of the week reached a two-month high in the area above $ 120 per barrel. 

Prices were supported by the easing of quarantine restrictions in China. It became known that in Shanghai, the key commercial center of the country, the work of all manufacturers will resume from June 1. In addition, officials said that the coronavirus outbreak in Beijing is under control.

Additional support for prices is provided by the work of the European Union on a plan to ban the import of Russian oil. A regular meeting of the leaders of the bloc countries took place yesterday, but it was still not possible to reach an agreement, since Hungary still refuses to support a compromise. This country wants compensation from Brussels for losses related to the refusal to purchase Russian oil, since 85% of all gas consumed in Hungary and 65% of oil are supplied from Russia.

On Monday, negotiations continued at the Council of the European Union, which will be held for 2 days, May 30-31. It is worth noting that the President of the European Commission, Ursula von der Leyen, said that she does not have high hopes that the EU countries will be able to resolve differences and agree on the sixth package of sanctions against Russia.

Brent crude has been growing for almost a whole month, and this could be the longest growth of the asset in more than a decade. At the same time, some analysts believe that the price of Brent may soon reach $124 per barrel.