Crude prices surge as the EU bans Russian oil

News of the day, Tuesday, May 31

European stocks decreased as the key eurozone inflation data is to be published soon, which could increase concerns about possible interest rate hikes. The DAX in Germany traded 0.7% lower, the CAC 40 of France dipped 0,9%, while the FTSE 100 of the U.K. climbed 0,2%.

The U.S. dollar rebounded today but still heading for its monthly drop. The dollar index traded 0.3% lower today, affected by Fed’s governor Christopher Waller's aggressive comments about soon rate hikes.

Unilever stocks rose by 7.48% today after the company announced it included the US-based activist investor Nelson Peltz as a non-executive director.

Oil prices surged above $120 as the EU finally decided to ban the most of oil imports from Russia. The Brent crude rose by 1.8% today, and WTI crude surged by 3.5%. The European leaders agreed to cut 90% of Russian oil imports by the end of this year.

The price of Brent crude is $119.80, WTI — $119.00, GBP/USD — 1.2626, EUR/USD — 1.0743, and gold costs $1856.50 per ounce.