Oil prices climb above $120 a barrel ahead of EU meeting on Russia sanctions | Reuters

Oil prices climb above $120 a barrel ahead of EU meeting on Russia sanctions | Reuters

Oil prices climbed above $120 a barrel on Monday, hitting their highest in more than two months, as traders waited to see whether a European Union meeting would reach an agreement on banning Russian oil imports.

The Brent crude futures contract for July, which will expire on Tuesday, was up 59 cents, or 0.5%, at $120.02 a barrel at 1100 GMT. The August Brent contract , which is more active, rose 74 cents, or 0.6%, to $116.30 a barrel.

U.S. West Texas Intermediate (WTI) crude futures jumped 65 cents, or 0.6%, to $115.72 a barrel, extending solid gains made last week.

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