Oil is boosting, gas is receding

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Oil has rebounded on strength in commodity markets after a two-day slump, largely attributed to concerns about the global recession.

West Texas Intermediate recorded its initial losses and is higher, at $ 110 a barrel, after losing 4% in the previous two sessions.

Investors are avoiding stocks and many commodities as Fed executives have confirmed that there will be stricter monetary policy in the future to slow down the overheating economy and tackle inflation.

Prospects for argon have also been overshadowed as China struggles to contain a wave of coronavirus outbreaks.

While in Shanghai the restraint has begun to ease, there are new outbreaks of pandemic in other cities.

WTI for June delivery rose 0.8% to $ 110.42 a barrel, while Brent for July delivery rose 1.4% to $ 110.62 a barrel.

In Amsterdam, gas prices fell 1.6% to 93 euros per megawatt hour.

Gas prices in Europe have been driven lower as liquefied natural gas continues to rise, helping to replenish stocks and alleviate supply concerns.

At least 10 lng tankers were expected to arrive in European ports by the end of the month.

Source: Capital

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