Oil climbs on supply jitters as EU plans 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, and OPEC+ again rebuffed consumer calls for a faster pace of output rises.
Brent crude was up $1.59, or 1.4%, at $111.73 a barrel by 1231 GMT. U.S. West Texas Intermediate crude rose $1.30, or 1.2%, to $109.11.
Both benchmarks gained more than $5 a barrel on Wednesday.
The EU sanctions proposal, which needs unanimous backing from the 27 countries in the bloc, includes phasing out imports of Russian refined products by the end of 2022 and a ban on all shipping and insurance services for transporting Russian oil. read more
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