Oil turns higher on looming EU ban on Russian oil – Reuters

Oil turns higher on looming EU ban on Russian oil – Reuters

May 11 (Reuters) - Oil rose on Wednesday, following a 9% drop over the previous two sessions, on supply concerns as the European Union worked on gaining support for a ban on Russian oil and major producers warned they may struggle to fill the gap when demand improves.

Brent crude rose $1.42, or 1.4%, to $103.88 a barrel at 0232 GMT, while U.S. West Texas Intermediate crude climbed $1.23, or 1.2%, to $100.99 a barrel. Both contracts fell more than $1 in early trade.

Oil prices have slumped with commodities and share markets this week, on worries about the hit to economic activity from prolonged COVID curbs in China and sharp interest rate hikes in the United States.