Oil soars as EU discusses Russian oil ban

Oil prices increased more than $3 on Monday, and Brent crude soared above $111 a barrel, as European Union nations are discussing a step of joining the United States in a Russian oil ban.

Brent crude futures climbed $3.74, or 3.5%, at $111.67 a barrel by 0739 GMT, after a 1.2% gain last Friday.

U.S. West Texas Intermediate (WTI) crude futures rose $3.98, or 3.8%, to $108.68, extending a 1.7% rise last Friday.

Crude prices rose on Monday before the current-week talks between EU and the US administration on imposing more sanctions on Moscow over its invasion of Ukraine.

The EU nations will consider a possible ban on Russian oil.