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5/11, 10:13 AM (Source: TeleTrader)
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Crude up over 2% amid EU sanctions uncertainty

The price of crude oil rose on Wednesday as markets waited for news on the new package of sanctions imposed on Russia by the European Union. The member states are still in disagreement over the oil embargo, with Hungary leading countries opposing the ban. Meanwhile, crude oil inventories in the United States increased by 1.62 million barrels in the week ending May 6, a report showed.

West Texas Intermediate (WTI) for deliveries in June grew by 2.19% at 4:12 am ET to sell for $102.25 per barrel. Brent for settlements in July added 2.37% to go for $104.98 per barrel.

Baha Breaking News (BBN) / DJ