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%, at $110.19 a barrel. U.S. West Texas Intermediate futures were $1.24 or 1.18% higher at $105.48 a barrel at 1:06 p.m. ET .
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.
A phased-in ban on Russian oil would force European buyers "to seek alternative sources, some of which in the near term is being met by Strategic Petroleum Reserve releases, but in the future, more supplies coming out of the ground will be required," Andrew Lipow of Lipow Oil Associates in Houston said.
Russia's Energy Ministry said it was limiting access to its statistics on oil and gas production and exports.
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