Oil prices edge higher ahead of long weekend on Russian supply woes

Oil prices edged higher on Thursday in thin trade ahead of a long weekend as traders weighed news of a possible European ban on Russian oil imports against a larger-than-expected build in U.S. oil stocks and falling refining activity in China.

Brent futures were up 42 cents, or 0.4%, at $109.17 a barrel, while U.S. West Texas Intermediate futures were 23 cents or 0.22% higher at $104.39 a barrel at 1223 ET or 1622 GMT.

While the European Union has not imposed a ban on imports of Russian oil in response to Russia’s invasion of Ukraine, the New York Times reported that EU officials were drafting an embargo on Russian oil products.