Oil rose on Wednesday after plunging nearly 10% in the last two sessions, buoyed by supply concerns as the European Union works on gaining support for a Russian oil and flows of Russian gas to Europe through a key transit point in Ukraine dried up, AzVision.az reports citing Reuters.
The EU has proposed an embargo on Russian oil, which analysts say would further tighten the market and shift trade flows. A vote, which needs unanimous support, has been delayed as Hungary has dug in its heels in opposition.
Brent crude was up $2.86, or 2.8%, to $105.32 a barrel at 0815 GMT, while U.S. West Texas Intermediate crude climbed $2.53, or 2.5%, to $102.29.
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