WASHINGTON (dpa-AFX) - Oil prices clung to modest gains on Thursday after an overnight rally on possible sanctions on Russia by the European Union, and expectations of increased demand from China.
Benchmark Brent crude futures were up 0.3 percent at $73.72 in European trade while WTI crude futures rose 0.3 percent to $70.53.
Attention turned to supply tightness after the European Union agreed to an additional round of sanctions threatening Russian oil flows.
European Union ambassadors agreed on Wednesday to a 15th package of sanctions on Russia over its war against Ukraine.
Additionally, media reports suggested that the U.S. is considering imposing additional sanctions on Russia's energy sector in the weeks leading up to Donald Trump's inauguration.
On Wednesday, U.S. Treasury Secretary Janet Yellen said that relatively low prices might allow further action against Russia's ability to raise war revenue from its energy sector.
On the demand side, there are increased expectations from an economic policy meeting that is underway in Beijing.
The two-day conference, which ends later today, is expected to produce strategies to revive China's economy from a long slump.
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