Oil bounces higher ahead of Fed moves, EU sanctions on Russian oil

Oil bounces higher ahead of Fed moves, EU sanctions on Russian oil

Brent crude futures had risen $1.46, or 1.4 percent, to $106.43 a barrel by 0616 GMT amid thin trading volume, with China and Japan closed for holidays. West Texas Intermediate crude futures rose $1.59 , or 1.6 percent, to $104.00 a barrel.







Reuters









May 04, 2022 / 12:22 PM IST





Source: Reuters



Oil prices bounced on Wednesday ahead of an announcement by the US Federal Reserve and further sanctions on Russia by the European Union, offsetting demand worries in top importer China.

Brent crude futures had risen $1.46, or 1.4 percent, to $106.43 a barrel by 0616 GMT amid thin trading volume, with China and Japan closed for holidays. West Texas Intermediate crude futures rose $1.59 , or 1.6 percent, to $104.00 a barrel.

The gains came on the back of news from Tuesday that the European Union would slap new sanctions on Russia for waging war on Ukraine.

European Commission President Ursula von der Leyen is expected to spell out the proposed new sanctions on Wednesday, including a ban on imports of Russian oil by the end of 2022, officials said.

Investors are also waiting for an announcement from the Fed on Wednesday.