LONDON: Oil prices jumped on Wednesday as the European Union, the world's largest trading bloc, spelled out plans to phase out imports of Russian oil, offsetting demand worries in top importer China.
Brent crude futures rose $2.94, or 2.8%, to $107.91 a barrel by 0746 GMT amid thin trading volume, with China and Japan closed for holidays. West Texas Intermediate crude futures rose $3.02, or 3%, to $105.43 a barrel.
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