Oil above $120 a barrel as EU meets on Russia sanctions | Reuters

Oil above $120 a barrel as EU meets on Russia sanctions | Reuters

Oil prices climbed above $120 a barrel on Monday, hitting their highest in more than two months as traders priced in expectations that the European Union will eventually reach an agreement to ban Russian oil imports.

The Brent crude futures contract for July, which will expire on Tuesday, was up $1.35, or 1.1%, at $120.78 a barrel by 1616 GMT. The August Brent contract , which is more active, rose $1.27, or 1.1%, to $116.81 a barrel.

U.S. West Texas Intermediate (WTI) crude futures jumped $1.11, or 1%, to $116.18 a barrel, extending solid gains made last week.

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