Oil advanced ahead of an OPEC+ meeting on supply after surging on the European Union’s plan for a phased ban on Russian crude. West Texas Intermediate rose toward $109 a barrel after closing up 5.3% on Wednesday. The EU plans to ban Russian oil over the next six months and refined fuels by the end of the year, to increase pressure on Vladimir Putin over his invasion of Ukraine. The bloc is also targeting insurers in a move that could dramatically impair Moscow’s ability to ship oil around the world. OPEC+ will likely ratify another small production increase when members gather later Thursday, with the threat to demand in China from anti-virus lockdowns offering another reason for caution. Still, there are signs that a lack of capacity is hobbling the group’s ability to deliver even modest increases. Oil has surged more than 40% this year as Russia’s invasion of […]