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

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 , 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 added 50 cents, or 0.5%, to $109.28 a barrel on ICE Futures Europe.

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