Oil prices react to looming EU ban on Russian oil

European nations reluctant to cut off Putin, Russian oil

Emine Dzhaparova, Ukaine’s Foreign Affairs First Deputy Minister, joins ‘Varney & Co.’ to weigh in on Europe’s reluctance to ban Russian gas and oil.

Oil traded 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.

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U.S. West Texas Intermediate crude climbed $2.36, or 2.4%, to $102.14 a barrel.

Brent rose $2.44, or 2.4%, to $104.88 a barrel.

Oil prices have slumped this week on concerns about a slowdown in economic activity from prolonged COVID-19 curbs in China and U.S. interest rate hikes.

An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas, U.S. REUTERS/Ernest Scheyder – RTX365D6 (REUTERS/Ernest Scheyder  / Reuters Photos)

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. 

Gasoline prices hit a new all-time high on May 10, amid rising inflation and President Joe Biden's 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.

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That passed the previous high of $4.33, set on Friday, March 11.

Reuters contributed to this report.

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