FX.co ★ Oil Futures Climb Higher On Demand Hopes

Crude oil futures settled 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.

West Texas Intermediate Crude oil futures for August were up $0.59 at $115.26 a barrel.

Brent crude futures were up $1.02 or 0.88% at $116.62 a barrel a little while ago.

Oil prices also found support from reports citing a couple of OPEC sources that the group members did not discuss the idea of suspending Russia from the current oil supply deal. The Wall Street Journal had reported on Tuesday a move to suspend Russia from oil supply deal was under consideration.

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.

On the data front, the China Caixin/Markit manufacturing PMI rose to 48.1 in May from a 26-month low of 46.0 the previous month.