Oil rises on news EU may phase in a ban on Russian oil imports

HOUSTON: Oil prices rose on Thursday, reversing course after an early decline as investors bought futures ahead of a long weekend on news that the European Union might phase in a ban on Russian oil imports.

Brent futures were up $1.35, or 1.30 per cent, at $110.19 a barrel. US West Texas Intermediate futures were $1.24 or 1.18pc higher at $105.48 a barrel at 1:06 p.m. ET (1706 GMT).

Both contracts were on track for their first weekly gain in April. For several weeks, prices have been the most volatile since June 2020.

The New York Times reported that the European Union was moving toward adopting a phased-in ban of Russian oil, to give Germany and other countries time to arrange alternative suppliers.