Oil Firms on EU’s Russian Oil Ban and End of Shanghai Lockdown

A general view shows the oil refinery of the Lukoil company in Volgograd, Russia, on April 22, 2022. Reuters Photographer/Reuters

LONDON—Oil prices firmed on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its COVID-19 lockdown in Shanghai.

Brent crude was up $1.71, or 1.5 percent, at $117.31 a barrel by 0817 GMT. U.S. West Texas Intermediate (WTI) crude rose $1.67, or 1.5 percent, to $116.34.