By Gina Lee

Investing.com – Oil was up on Wednesday morning in Asia after China ended the lockdown in Shanghai and European Union (EU) leaders agreed on a partial and phased Russian oil ban.

At 11:58PM ET, prices rose 0.2% to $115.88 (3:58AM GMT) and rose by 0.2% to $114.97. These were the sixth consecutive month of increasing prices.

of oil imports from Russia by the end of 2022, the bloc’s toughest sanction on Moscow for its invasion of Ukraine since February 24. The sanctions on crude oil and refined products will start to be implemented over the next six months.

“However, with Germany and Poland already confirmed they won’t be buying Russian oil via pipeline or sea, the total effect would be to cut 90% of Russian crude sales to the EU by year’s end,” ANZ Research analysts said in a note.

To push oil prices higher, in China, , prompting the expectations of higher fuel demand from the world’s largest oil importer.

However, reports that some producers are thinking of suspending Russia’s participation in the Organization of the Petroleum Exporting Countries and its allies (OPEC+) production deal capped black liquid’s gains.

The Wall Street Journal reported that some Gulf member countries were already planning to increase their output within the next few months.

“The anticipation of more supply hitting the market, even after cutting Russia out, could be fueling some of this sell-off as oil gave up its post-EU embargo bounce,” SPI Asset Management managing partner Stephen Innes said in a note.

Investors await the U.S. crude oils supply from the later today.