Oil prices up over proposed ban on Russian gas supplies

Oil prices up over proposed ban on Russian gas supplies

Oil prices increased on Thursday over the European Commission's proposal to ban Russian oil by the year end, although the more-than-expected rise in US crude stocks limited gains.

International benchmark Brent crude cost $111.16 per barrel at 0540 GMT for a 0.92% increase after closing the previous session at $110.14 a barrel.

American benchmark West Texas Intermediate (WTI) traded at $108.47 per barrel at the same time for a 0.61% rise after the previous session closed at $107.81 a barrel.

The EU imported about 30% of Russian crude oil last year, according to the International Energy Agency. Within the European Union, Germany bought the most with purchases of 555,000 barrels per day in 2021, according to the IEA.

Meanwhile, the increase in the US commercial crude oil inventories last week contained the upward price trajectory, fueling demand concerns.

Stocks increased 0.3% during the week ending April 29, according to data released by the Energy Information Administration on Wednesday. Inventories rose by 1.3 million barrels to 415.7 million barrels, against the market expectation of a decrease of 1.16 million barrels.