Oil Prices Rise As EU Leaders Agree On Partial Russian Crude Ban

The European Union leaders agreed to cut Russian crude oil imports by as much as 90 percent by the end of the year. The agreement is in principle, and details would still need to be clarified. Per a Reuters report, some 65 percent of Russian oil exports to the European Union reach the continent by tankers, with the rest flowing via the Druzhba pipeline. By the end of the year, Germany and Poland have agreed to stop buying Russian crude from the Druzhba pipeline, which would bring the amount of embargoed Russian oil to 90 percent of the total. The…