Crude oil prices climb to 11-week high on tight global supplies

Oil prices rose to 11-week highs on Monday as traders waited to see if the European Union would reach an agreement on banning Russian oil. Other supportive factors like tight global supplies and large drawdowns in the US stocks also nudged the prices higher.

The EU is due to meet on Monday and Tuesday to discuss the sixth package of sanctions against Russia for its invasion of Ukraine, which Moscow calls a "special operation" to disarm its neighbour.

The crude oil price has seen a constant gain continue. This would be a six-monthly gain, almost nudging at USD 120 per barrel.