Oil prices rise after EU proposes ban on Russian oil imports

NEW YORK, May 5 (Xinhua) -- Oil prices rose on Thursday following a strong rally in the prior session, after the European Union (EU) unveiled a plan to phase out Russian oil.

The West Texas Intermediate (WTI) for June delivery added 45 cents, or 0.4 percent, to settle at 108.26 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery increased 76 cents, or 0.7 percent, to close at