U.S. oil prices posted a modest gain on Wednesday, finding some support following data from the Energy Information Administration, which showed a weekly drop of 8 million barrels in U.S. crude supplies. Prices, however, also saw pressure from worries about the demand outlook, and as Europe appeared reluctant to implement any sort of ban on Russian oil anytime soon. Germany, which gets about a quarter of its oil from Russia, said Wednesday that it will stop imports of Russian oil by the end of the year, according to a BBC News report. West Texas Intermediate crude for May delivery rose 19 cents, or 0.2%, to end at $102.75 a barrel on the contract’s expiration day on the New York Mercantile Exchange. The new front month June contract settled at $102.19, up 14 cents, or 0.1%.
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