20.05.202219:17:00UTC+00Oil Futures Settle Modestly Higher

Crude oil futures settled higher on Friday, lifted by the proposed ban on Russian oil by the EU, and relaxation in Covid lockdowns in China.

Strong consumption and stockpiles data from the U.S. Energy Information Administration helped lift oil prices.

Worries about global economic slowdown capped oil's upside.

West Texas Intermediate Crude oil futures for July ended higher by $0.39 or about 0.4% at $110.28 a barrel.

Brent crude futures were up $0.58 or 0.51% at $112.62 a barrel a little while ago.

The European Union expects to clinch a deal with member states to effect a ban of Russian crude imports.