SULAIMANI (ESTA) — Oil prices rose on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its coronavirus lockdown in Shanghai.
Brent crude futures rose $1.69 to $117.3 a barrel at 0757 GMT. U.S. West Texas Intermediate (WTI) crude was up $1.69 cents at $116.4 per barrel.
On Monday, EU leaders agreed in principle to cut 90% of oil imports from Russia by the end of this year.
Reuters reported that sanctions on crude would be phased in over six months and on refined products over eight months when it is fully adopted.
In China, Shanghai’s strict COVID-19 lockdown ended on Wednesday after two months, prompting expectations of firmer fuel demand from the country.
“The full reopening of Shanghai from COVID-19 restrictions may boost sentiment at the periphery, but the possible exemption of Russia by OPEC, from the output agreement, is the bigger story,” Reuters quoted Jeffrey Halley, senior market analyst at OANDA, as saying.
