Crude rises by 4%

The prices of crude oil rose by four per cent on Wednesday, after the European Union unveiled plans to phase out imports of Russian oil as part of sanctions for Russia’s invasion of Ukraine.

Brent crude futures rose $3.99, or 3.8 per cent, to $108.96 a barrel.

West Texas Intermediate crude futures rose $4.05, or 4 per cent, to $106.46 a barrel

Investors are also waiting for an announcement from the US Federal Reserve on Wednesday.

It is expected to intensify efforts to bring down high inflation by raising interest rates and reducing its balance sheet.

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