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Updated May 31, 2022 8:08 am ET / Original May 31, 2022 4:20 am ET
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The global oil price rose above $120 a barrel after European Union leaders agreed to a partial ban on Russian oil imports, lifting oil-producer stocks.
West Texas Intermediate crude, the U.S. benchmark, climbed 3.1% to $118.62 a barrel. Brent crude, the international benchmark, rose 3.7% to $123.83 a barrel, the highest level since March.