Oil rises as Russia gas flow to Europe falls, EU Russian oil ban looms | Reuters
Oil rose on Wednesday after plunging nearly 10% in the last two sessions, buoyed by supply concerns as flows of Russian gas to Europe fell and the European Union worked on gaining support for a Russian oil embargo.
Russian gas flows to Europe via Ukraine fell by a quarter on Wednesday after Kyiv halted use of a major transit route blaming interference by occupying Russian forces, the first time exports via Ukraine have been disrupted since the invasion. read more
Brent crude was up $3.87, or 3.8%, to $106.33 a barrel at 1140 GMT, while U.S. West Texas Intermediate crude climbed $3.97, or 4%, to $103.73.
"I suspect the gas disruptions in Ukraine are having a steadily increasing impact," said Jeffrey Halley, analyst at brokerage OANDA.
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