Oil is rising amid further signs of tightness in key US markets and speculation that China may be closer to easing anti-pandemic restrictions that have hit crude demand for the world’s largest importer.
West Texas Intermediate rose to $ 114 a barrel after falling on Tuesday. The U.S. Petroleum Institute said gasoline inventories fell more than 5 million barrels last week, according to Bloomberg sources.
In Asia, too, traders are waiting for indications that Chinese officials may be ready to ease restrictions imposed on Shanghai and other cities to fight the pandemic.
Oil is on the rise for the sixth consecutive month – arguably the biggest uptrend in a decade – as growing demand and war-torn distortions in Ukraine combine to support profits.
WTI June delivery rose 1.3% to $ 113.83 a barrel, while Brent July delivery rose 0.8% to $ 112.82 a barrel.
Gas prices are moving lower as some major buyers in Europe say they expect to continue buying Russian gas despite mixed messages from Brussels about whether the ruble payment would violate sanctions.
The EU has issued two sets of guidelines on the issue, which (both) leave room for different interpretations, while the Commission’s representative stressed that opening a ruble account to pay for Russian gas would be beyond the recommendations. of the EU.
For now, some companies, including Italy’s Eni and Germany’s Uniper, have said they will continue to buy from Russia.
Futures gas contracts are 0.7% lower at 93.5 euros per megawatt hour in Amsterdam.
Source: Capital
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