Oil ended a choppy session higher as the market struggled to find direction amid Germany’s support for a gradual ban on Russian oil and bearish headwinds created by China’s lockdowns.
West Texas Intermediate edged forward to settle above $102 a barrel following a late-day rebound in equity markets. Earlier, Germany said it will support a gradual ban on Russian oil. The country, which depended on Russia for a third of its oil imports last year, previously resisted a ban. Meanwhile, U.S. fuel supplies fell, government data showed, widening an already historic gap in the spread between front-month and later-dated diesel contracts.
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