Oil up on EU's Russian oil ban, end of Shanghai lockdown | Reuters
Oil prices strengthened 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, which could bolster demand in an already tight market.
Brent crude was up $1.83, or 1.6%, at $117.46 a barrel as of 11:56 a.m. EDT (1556 GMT). U.S. West Texas Intermediate crude gained $1.77, or 1.6%, to $116.45.
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.
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