Oil climbs on supply jitters as EU lays out Russian oil ban | Reuters
Oil prices extended gains on Thursday on supply concerns after the European Union laid out plans for new sanctions against Russia, including an embargo on crude in six months, offsetting concerns over weaker Chinese demand.
Brent was up 36 cents, or 0.3%, at $110.50 a barrel by 0825 GMT, and U.S. West Texas Intermediate crude rose 11 cents, or 0.1%, to $107.92 a barrel.
Both benchmarks gained more than $5 a barrel on Wednesday.
The sanctions proposal, which needs unanimous backing by the 27 EU countries, also includes phasing out imports of Russian refined products by the end of 2022, and a ban on all shipping and insurance services for the transportation of Russian oil. read more
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