Oil edges lower as supply crunch fears ease, trading costs rise

SINGAPORE: Oil prices inched lower on Friday as supply concerns eased as countries in the European Union remained split on imposing an oil embargo on Russia while the United States and allies considered releasing more oil from storage to cool markets.

Brent crude futures fell 46 cents, or 0.4%, to $118.57 a barrel at 0529 GMT, after sliding 2.1% in the previous session.