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Oil Ekes Out Gain as EU Ban on Russian Crude Gains Support

  • European Union mulling a phased embargo on Russian oil exports
  • U.S. fuel product prices still surging as inventories dwindle
Updated on

Oil ended a choppy session higher as the market struggled to find direction amid Germany’s support for a gradual ban on Russian oil and bearish headwinds created by China’s lockdowns.

West Texas Intermediate edged forward to settle above $102 a barrel following a late-day rebound in equity markets. Earlier, Germany said it will support a gradual ban on Russian oil. The country, which depended on Russia for a third of its oil imports last year, previously resisted a ban. Meanwhile, U.S. fuel supplies fell, government data showed, widening an already historic gap in the spread between front-month and later-dated diesel contracts.