Oil rises as EU to phase in Russian oil ban, Shanghai ends lockdown | Reuters

Oil rises as EU to phase in Russian oil ban, Shanghai ends lockdown | Reuters

Oil prices rose on Wednesday after European Union leaders agreed to a phased ban on Russian oil and as China ended its COVID-19 lockdown in Shanghai, which could bolster demand in an already tight market.

Oil benchmarks have marched steadily higher for several weeks as Russian shipments are squeezed by EU and U.S. sanctions and as India and China can only buy so much from Russia, the world's largest exporter of crude and fuel.

Brent crude settled at $116.29 a barrel, a gain of 69 cents, or 0.6%, while U.S. West Texas Intermediate crude gained 59 cents, or 0.5%, to $115.26.

EU leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year, the bloc's toughest sanctions yet since the start of the invasion of Ukraine, which Moscow calls a "special military operation". read more