Oil Edges Higher as Markets Watches Russia and EU

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Oil Edges Higher as Markets Watches Russia and EU

US benchmark oil prices climb 1.2% to $104.53 a barrel, putting them on course for a second straight session of increases following yesterday’s 4% gain. “Crude oil is higher as the market eyes the possibility of Russia retaliating against Europe’s new proposed sanctions, and this afternoon’s API oil inventory data,” says Peter Cardillo at Spartan Capital. The data from trade group API will be released at 4:30pm ET, and will be followed by official US oil inventory data from the EIA tomorrow morning. Brent crude, the global benchmark, climbs 1% to $108.65.