Oil rose 5% after EU spell out details on phasing out Russian crude oil
Oil rose 5% after EU spell out details on phasing out Russian crude oil
International benchmarks for crude oil rose sharply on Wednesday, 4 May 2022 after the European Union released the details on how the bloc is planning to phase out the import of Russian crude oil, which further rattled the already tight market.
Brent surged $5.17 or 4.9% to close at $110.14/barrel.
WTI gained $5.40 or 5.3% to settle at $107.81/barrel.