Brent and Texas barrel oil prices today, May 31: How much do they cost and how much are pricing?

oil prices remain volatile and record a strong rally this Tuesday, May 31.

The upside comes next The European Union has finally agreed to a partial and gradual blockade of Russian oil As further punishment for the invasion of Ukraine, which began on February 24. The embargo prohibits all purchases of oil and its derivatives from Russia.

“Given that two-thirds of Russia’s crude oil exports are transported by sea, about 1.5 million barrels per day (bpd) of oil would need to be replaced by the European Union.” Tamas Varga, an analyst at best playeraccording to information collected by TV newscasts.

In addition to this, other major factors in the rise in oil prices Coronavirus restrictions lifted in China and strong demand due to peak travel season, Derived from summer United States and Europe.

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Brent and Texas barrel oil prices today, May 31: How much do they cost and how much are pricing?

According to the latest report of oil price charts, A popular site with more than 150 indexes and oil blends all over the world, For Tuesday, May 31, the price of Brent crude was $122.89 and WTI was $115.18.

The Recorded numbers yesterdayMonday, May 30, around the same time, They were $120.91 and $116.31 per barrel for Brent and West Texas Intermediate, respectively.

Prices are expected to continue The upside over the next few days as demand rises and supply remains sluggish.

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