Crude oil futures ended higher on Wednesday lifted by the European Union's decision to impose a phased ban on Russian oil, and hopes about increased energy demand from China following easing of coronavirus restrictions in Shanghai. Meanwhile, the Organization of the Petroleum Exporting Countries and their allies led by Russia, collectively known as OPEC+, is scheduled to meet on Thursday to set policy.
Benchmark crude oil futures for July delivery rose 59 cents or 0.5% percent to settle at $115.26 a barrel on the New York Mercantile Exchange. Brent crude for August delivery gained 69 cents or 0.6 percent to settle at $116.29 a barrel on London's Intercontinental Exchange.