Oil edges up on EU’s proposed Russian oil ban, but weak China data weighs

By Florence Tan and Stephanie Kelly (Reuters) – Oil prices edged higher on Thursday, extending gains from the previous session, as a European Union proposal for new sanctions against Russia, including an embargo on crude in six months, offset concerns over Chinese demand. Brent crude futures had climbed 35 cents, or 0.3%, to $110.49 a barrel by 0209 GMT, while U.S. West Texas Intermediate crude futures rose 25 cents, or 0.2%, to $108.06 a barrel. Both benchmarks jumped more than $1 a barrel earlier in the volatile session after gaining more than $5 a barrel on Wednesday. The sanctions proposal…

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