Oil prices trade near session highs on report that European Union is drafting plans to ban Russia oil products

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Oil futures traded near Thursday’s highs, with global benchmark prices turning higher, after the New York Times reported that European Union officials are drafting a measure to embargo Russian oil products. The EU has been reluctant to issue a ban on Russian oil given that some of its members are highly dependent on those imports. May West Texas Intermediate crude CLK22, +2.20%, the U.S. benchmark, traded at $104.47 a barrel, up 22 cents, or 0.2%, after trading as low as $102.12. Global benchmark June Brent crude BRNM22, -0.04% added 50 cents, or 0.5%, to $109.28 a barrel on ICE Futures Europe.

This article was originally published by Marketwatch.com. Read the original article here.

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