Oil prices open higher on EU Russian oil ban, end of Shanghai lockdown

Oil prices rose in early Asian trade on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and China ended its Covid-19 lockdown in Shanghai.

Brent crude for August delivery was up 78 cents, or 0.7 percent, at $116.38 a barrel at 0037 GMT. The front-month contract for July delivery expired on Tuesday at $122.84 a barrel, up 1 percent. US West Texas Intermediate (WTI) crude rose 63 cents, or 0.6 percent, to $115.30 a barrel. Both benchmarks ended the month of May higher, marking the sixth straight month of rising prices.