Oil prices jump as EU aims for Russian oil ban

NEW YORK, May 5: Oil prices rose sharply on Wednesday after the European Union (EU) unveiled a plan to phase out Russian oil, triggering concerns over tight supplies.

The West Texas Intermediate (WTI) for June delivery added 5.4 U.S. dollars, or 5.3 percent, to settle at 107.81 dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery increased 5.17 dollars, or 4.9 percent, to close at 110.14 dollars a barrel on the London ICE Futures Exchange.