Oil rose higher than $120 a barrel on Monday as increasing prices for fuels, such as gasoline and diesel, combined with lingering concerns over supplies from Russia to propel crude to its highest level in two months.
Brent crude, the international benchmark, hit $120.50 a barrel, up 1 per cent ahead of the July contract’s expiry on Tuesday. US benchmark West Texas Intermediate rose by a similar amount to more than $116 a barrel.
The rally in crude oil comes as supplies of refined products, such as gasoline, remain tight at major delivery hubs at a time when demand is expected to pick up steam in many countries, including the US.
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