Oil Edges Higher With Price-Cap Plan and China Demand in Focus

(Bloomberg) — Oil edged higher as traders waited for more details on a plan to cap Russian crude prices and weighed the demand outlook in virus-hit China.

West Texas Intermediate traded above $81 a barrel, after rising more than 1% the previous session as equities and other commodities also climbed. European Union ambassadors may meet later Wednesday to approve the plan after officials watered down a related package of sanctions. Russia has said that it won’t sell crude to nations that use the cap, which is designed to punish Moscow for its invasion of Ukraine while keeping the nation’s oil flowing.