Crude oil futures ended sharply higher on Wednesday as the European Union, the world’s largest trading bloc, spelled out plans to phase out imports of Russian oil, raising concerns about further market tightness as those nations hunt for adequate supply. Further, oil prices rose despite data showing an unexpected increase in US oil stockpiles in the week ended April 29. Data from Energy Information Administration showed US crude inventories rose by 1.302 million barrels last week, as against expectations for a draw of around 0.830 million barrels.
Benchmark crude oil futures for June delivery rose $5.58 or 5.5% percent to settle at $107.79 a barrel on the New York Mercantile Exchange. Brent crude for July delivery gained $5.50 or 5.23 percent to settle at $110.47 a barrel on London's Intercontinental Exchange.