Oil bounces higher ahead of Fed moves, EU sanctions on Russian oil – Reuters.com

Oil bounces higher ahead of Fed moves, EU sanctions on Russian oil – Reuters.com

May 4 (Reuters) - Oil prices bounced on Wednesday ahead of an announcement by the U.S. 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%, 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%, 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. [nL3N2WW0CK]