Oil rises ahead of US stockpiles data, Brent crosses $107

Oil drilling rigs

Oil prices edged higher today, April 6, as investors focussed on European Union’s (EU) decision to avoid immediate sanctions on Russian oil.

The international benchmark Brent crude was trading up 0.52% at $107.19 per barrel, at 10.03 am Makkah time.

West Texas Intermediate (WTI) crude rose 0.27% to $102.24 a barrel.

While the EU will continue to impose additional sanctions on Moscow for the war in Ukraine, including a ban on coal, crude will not yet be targeted.

Still, European Commission President Ursula von der Leyen said the bloc will push ahead with a debate among members on tackling Russian oil.

Data from the American Petroleum Institute showed that oil inventories in the US rose by 1.1 million barrel in the week ended April 1.

Official statistics from US Energy Information Administration will be released later today.