Oil turns positive on supply concerns, economic data | Reuters

Oil turns positive on supply concerns, economic data | Reuters

Oil prices reversed course to trade in positive territory on Monday on fears supply might be crimped by a potential European Union ban on Russian crude.

Brent crude futures were up 7 cents, or 0.1%, to $107.21 a barrel at 12:32 p.m. EDT (1632 GMT), while U.S. West Texas Intermediate (WTI) crude futures rose 4 centsto $104.73 a barrel.

Both benchmarks fell by more than $2.00 earlier in the session on news the European Commission may spare Hungary and Slovakia from a Russian oil embargo as it prepares to finalize its next batch of sanctions on Russia on Tuesday. read more

"Attention has quickly shifted to expectations that a full embargo is unlikely to be seen for months and possibly by year’s end given a need for most countries to line up alternative supply sources," said Jim Ritterbusch, president of Ritterbusch and Associates in Gallena, Illinois.