Crude Prices Settle Higher

Crude prices rose on Thursday after an early decline as investors covered short positions ahead of the long weekend and on news that the European Union might phase in a ban on Russian oil imports.
Brent futures settled up $2.92, or 2.68%, at $111.70 a barrel. US West Texas Intermediate futures closed $2.70 or 2.59% higher at $106.95 a barrel, Money.usnews.com reported.
Both contracts recorded 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 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.
The International Energy Agency had warned on Wednesday that roughly 3 million barrels per day of Russian oil could be shut in from May onwards due to sanctions or buyers voluntarily shunning Russian cargoes.