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Oil Jumps the Most in Three Weeks as EU Plans Strictest Ban Yet

  • Von der Leyen says crude purchases to end within six months
  • East Coast distillate inventories fell to record low: EIA
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WATCH: Von der Leyen says the EU plans to ban Russian crude oil.Source: Bloomberg
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Oil rallied as supply concerns took center stage with the EU threatening to ban Russian supplies this year and U.S. regional fuel inventories dropping to record lows. 

Futures in New York climbed more than 5% to settle at $107.81 on Wednesday, while Brent closed above $110 for the first time since mid-April. The European Union said it plans to ban Russian crude and refined by the end of this year.