Oil prices increased on Wednesday with tight supply outlook as China ended lockdown measures in Shanghai and the European Union (EU) agreed to ban 90 percent of Russian crude exports.

According to Anadolu Agency, international benchmark Brent crude was trading at US$116.09 per barrel at 0610 GMT for a 0.42 percent increase after closing the previous session at US$115.6 a barrel.

American benchmark West Texas Intermediate (WTI) was at US$115.22 per barrel at the same time for a...