Brent rises on looming EU Russian oil ban

Oil prices gained on Wednesday after nearly 10% pullback in the last two sessions, supported by supply disruption fears as the European Union countries work on gaining support for a Russian oil embargo.

The EU has proposed Russian oil ban, which analysts says would further tighten the market and shift trade flows.

Brent crude advanced $2.86, or 2.8%, to trade at $105.32 a barrel at 0815 GMT.

Meanwhile, U.S. West Texas Intermediate (WTI) crude gained $2.53, or 2.5%, to $102.29.

Oil also gained buoyed by possible Chinese economic stimulus after China’s factory-gate inflation plunged and investors took comfort in signs of lower domestic COVID-19 infections.