Brent crude futures rose 44 cents, or 0.4 percent, to settle at $107.58 a barrel, and US West Texas Intermediate crude futures rose 48 cents, to settle at $105.17 a barrel.
Diesel futures continued to climb after moving to the June contract on Monday, rising 5% to $4.0172 a gallon, as lower global supply pressured WTI and Brent crude prices.
Both benchmarks fell more than $2 earlier in the session, on news that the European Commission may exempt Hungary and Slovakia from a Russian oil embargo, as it prepares to finalize the next set of sanctions on Russia, on Tuesday.
The European Union is leaning toward banning Russian oil imports by the end of the year, two EU diplomats said after talks between the European Commission and member states at the weekend.
About half of Russia’s 4.7 million barrels per day of crude exports go to the European Union, equivalent to roughly a quarter of the bloc’s oil imports in 2020.
In terms of demand, US factory activity grew at its slowest pace in nearly two years in April, according to a survey by the Institute for Supply Management Monday.
However, the Institute’s index of US factory activity fell to a reading of 55.4 last month, which is still considered a sign of expansion.
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