Oil edges lower as EU looks less likely to ban Russian oil

Oil edged lower on Tuesday after it looked unlikely that European Union nations would agree to join the United States in a Russian oil embargo in retaliation for its invasion of Ukraine.

EU foreign ministers were split on the ban as some countries, including Germany, say the bloc is too dependent on Russia's fossil fuels to withstand such a step.

"It's pretty clear that the German economy will seize up so the EU is backing away from a Russian ban," said John Kilduff, partner at Again Capital in New York.