Oil price edges up from 7-month low as Russia threatens export halt

NEW YORK (Reuters) -Crude prices edged up about 1% on Thursday after dropping to a seven-month low in the prior session after Russia threatened to halt oil and gas exports to some buyers.

That price increase came despite a surprise build in U.S. crude inventories last week and concerns that China’s extension of COVID-19 lockdown measures would slow global economic activity and hit fuel demand.

U.S. crude stockpiles surged by nearly 9 million barrels last week due to a combination of increased imports and ongoing releases from government emergency reserves, the Energy Information Administration said.