Oil rose on Wednesday as EU agreed to phase out Russian oil

International benchmarks for crude oil rally on Wednesday, 1 June 2022 continue to track higher on Wednesday, 1 June 2022 as the European Union agreed to phase out the import of Russian crude oil. The decision is expected to further tighten global supply at the time the reopening of Shanghai is expected to boost demand.

Brent gained 69 cents to close at $116.29/barrel. 

WTI added 59 cents to close at $115.26/barrel.