An impending European ban on Russian oil pushes Brent crude to above $ 105 a barrel

Oil prices rose Wednesday after dropping nearly 10% in the previous two sessions, buoyed by supply concerns, as the European Union works to garner support for a Russian oil embargo and with Russian gas supplies to Russia. Europe blocked through an important transit point in Ukraine.

The European Union has proposed a ban on imports of Russian oil, which analysts say would worsen the shortage of supplies to the market and alter trade trends.

The vote, which must be unanimous, has been postponed as Hungary maintains its stance against the ban.

Brent crude oil prices rose $ 2.86, or 2.8 percent, to $ 105.32 a barrel.

US West Texas Intermediate Crude reached $ 102.29 per barrel, in increase of $ 2.53 cents, or 2.5%.

The price of oil was also supported by optimism about the Chinese economy after the inflation of material costs prime has loosened at the doors of the factories in China, with investors comforted by evidence of a decline in local infections with Covid-19, and even oil has received support from the interruption of Russian gas supplies.

Oil prices rose in 2022 after the Russian war in Ukraine has increased supply concerns, with the Brent price hitting $ 139 a barrel in March, the highest level since 2008. Economic growth concerns in China was due to COVID-19 containment restrictions and increased U.S. interest behind the drop in oil prices this week.

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