Oil prices rose on Wednesday morning as the European Union, the world’s largest trading bloc, outlined plans to phase out imports of Russian oil, offsetting concerns about demand in the top importer. , China.
At 12:00 GMT, crude oil futures Brent rose $4.43, or 4.25%, to $109.45 a barrel, and those of the West Texas Intermediate in the United States (WTI) they gained 4.49 dollars, or 4.4%, to settle at 106.91 dollars.
The President of the European Commission, Ursula von der Leyenproposed on Wednesday a gradual oil embargo on Russia for its war in ukrainein addition to sanctioning the main Russian bank, in an attempt to deepen Moscow’s isolation.
Russian oil is now ‘bad oil,'” said Bjarne Schieldrop, chief commodity analyst at SEB. “This ‘good oil’ versus ‘bad oil’ energy war has only just begun.”
Investors are also awaiting an announcement from the Federal Reserve on Wednesday. It is expected to intensify its efforts to reduce high inflation by raising interest rates and reducing its balance sheet.
In the United States, crude oil and fuel stocks fell last week, according to market sources citing figures from the American Petroleum Institute. Crude stocks fell by 3.5 million barrels in the week ending April 29, they said, more than the expected drop of 800,000 barrels estimated in a Reuters poll.
Oil prices fell more than 2% on Tuesday on demand concerns stemming from China’s prolonged Covid-19 lockdowns.
It is expected that the Organization of Petroleum Exporting Countries and its allies on Thursday maintain their policy of a new monthly increase in production.