The European Union is working to phase out Russian oil imports, The New York Times reported on Thursday, citing unnamed European diplomats and officials.
“The union is now moving towards a phased ban that will allow time for Germany and other countries to negotiate with alternative suppliers,” the newspaper writes.
After this publication, oil prices resumed growth as stockbrokers weighed the prospect of an EU ban on Russian oil imports.
The price of West Texas Intermediate crude for May delivery rose $2.70, or 2.6%, to $106.95 a barrel on the New York Mercantile Exchange. Brent crude for June delivery rose $2.92 (2.7%) to $111.70 a barrel on London's ICE Futures Exchange.
The EU imposed several rounds of sanctions on Russia, but removed Russian oil from the sanctions list, given the high level of dependence of some EU member states on Russian energy imports.
Exchange traders also assessed the risks in the area of demand.
In their respective monthly reports released earlier this week, the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) revised their forecasts for global oil demand downward this year.
