Oil prices extended gains on Thursday as a European Union proposal for new sanctions against Russia, including an embargo on crude in six months, offset concerns over Chinese demand, AzVision.az reports citing Reuters.
Brent crude futures had climbed 60 cents, or 0.5%, to $110.74 a barrel by 0630 GMT, while U.S. West Texas Intermediate crude futures rose 40 cents, or 0.4%, to $108.21 a barrel.
Both benchmarks jumped more than $1 a barrel earlier in the volatile session after gaining more than $5 a barrel on Wednesday.
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