Crude oil prices climbed higher on Thursday, rebounding strongly from earlier losses, lifted by reports that the European Union is considering phasing in a ban on Russian oil imports.
News that Chinese refiners are likely to crude output by about 6% this month contributed as well to the jump in oil prices.
West Texas Intermediate Crude oil futures for May ended higher by $2.70 or about 2.6% at $106.95 a barrel, rebounding from a low of $102.12 a barrel. WTI crude futures gained nearly 9% in the week.
Brent crude futures were up $2.31 or 2.1% at $111.09 a barrel a little while ago.
According to reports, European officials are drafting plans for an embargo on Russian oil products to condemn Russia for its invasion of Ukraine.
The earliest the proposed E.U. embargo will be put up for negotiation will be after the final round of the French elections.
Meanwhile, a report from Baker Hughes showed oil rigs in the U.S. rose by two to 548 this week. Natural gas rigs increased by two to 143. The total rig count increased to 693.