Oil traded higher Wednesday morning, resuming an upward move following a 9% drop over the previous two sessions.
higher Wednesday morning, resuming an upward move following a 9% drop over the previous two sessions.
Supply concerns remain at the crux of the trade as the European Union worked on gaining support for a ban on Russian oil.Brent rose $2.78, or 2.7%, to $105.24 a barrel.COVID-19 curbsAn oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas, U.S. REUTERS/Ernest Scheyder - RTX365D6
The EU has proposed an embargo on Russian oil, but a vote, which needs unanimous support, has been delayed as some European nations have voiced concerns that their economies could suffer. restrictions on oil and gas production. According to AAA's average gas price calculator, the national average cost of a regular gallon of gasoline hit $4.374 on Tuesday.Reuters contributed to this report.
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