Oil prices jumped on Wednesday, because the Common Market spelled out plans to terminate imports of Russian oil, raising concerns about further market tightness as those nations look for adequate supply. Crude benchmarks have risen steadily over the past two months following Moscow's invasion of Ukraine. Until now, the eu Union has been reluctant to completely discontinue imports of Russian oil and gas, and its plans still don't suggest a full ban for all EU members. Europe imports some 3.5 MM barrels of Russian oil and oil products daily, and also depends on Moscow's gas supplies. Brent crude futures settled up $5.17, or 4.9%, to $110.14 a barrel. West Texas Intermediate crude futures settled at $107.81 a barrel, up $5.40, or 5.3%. European Commission President Ursula von der Leyen on Wednesday proposed a phased oil embargo on Russia, further as sanctioning Russia's top bank. The Commission's measures include phasing out supplies of Russian crude within six months and refined products by the tip of 2022. Hungary and Slovakia, however, are able to continue buying Russian fossil fuel until the top of 2023 under existing contracts. Russia could offset the loss of 1 of its primary customers by selling oil to other importers including India and China. Neither country has stopped buying from Moscow. Needs for much greater supplies aren't likely to be met at a gathering on Thursday of the Organization of Petroleum Exporting Countries and allied producers. OPEC+ is predicted to stay to its plan for a gradual ramp-up of monthly production. In the u. s., crude stocks rose modestly last week, Stocks were up 1.2 MM barrels because the us released more barrels from its strategic reserves. Fuel stocks fell, partially thanks to stronger exports of products since Russia's invasion as buyers have sought other sources. The markets largely shook off the Federal Reserve's announcement that it might raise interest rates by a half decimal point to do to bring down rising inflation.
