Oil prices rose sharply on Wednesday after the European Union (EU) unveiled a plan to phase out Russian oil, triggering concerns over tight supplies.
The West Texas Intermediate (WTI) for June delivery added 5.4 U.S. dollars, or 5.3 per cent, to settle at 107.81 dollars a barrel on the New York Mercantile Exchange.
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Brent crude for July delivery increased 5.17 dollars, or 4.9 per cent, to close at 110.14 dollars a barrel on the London ICE Futures Exchange. European Commission President Ursula von der Leyen said Wednesday that the EU will phase out the Russian supply of crude oil within six months and refined products by the end of the year.
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