Oil firms on EU's Russian oil ban and end of Shanghai lockdown | Reuters
Oil prices firmed on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its COVID-19 lockdown in Shanghai.
Brent crude was up $1.71, or 1.5%, at $117.31 a barrel by 0817 GMT. U.S. West Texas Intermediate (WTI) crude rose $1.67, or 1.5%, to $116.34.
Both benchmarks registered gains over May, marking the sixth straight month of rising prices.
"The mood on the oil market is seemingly turning ever more bullish," said Julius Baer analyst Norbert Rucker. "Europe's embargo and China's partial reopening is fuelling supply fears and lifting oil prices."
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