Crude oil prices resume uptrend on Wednesday as EU, the worlds largest trading bloc, planned to phase out imports of Russian oil, offsetting demand worries in top importer China. West Texas Intermediate crude futures rose more than 3% to above $106 a barrel. European Commission President Ursula von der Leyen on Wednesday proposed a phased oil embargo on Russia over its war in Ukraine, as well as sanctioning Russias top bank, in a bid to deepen Moscows isolation. She said the measures would form part of a sixth round of sanctions against Russia over its invasion of Ukraine. Crude oil supply would be phased out within six months, and imports of refined oil products by the end of 2022, she added.
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