Oil / Commodities - Oil held steady at the week’s open as China made progress toward easing anti virus lockdowns and the EU continued to work on a plan to ban imports of Russian crude ahead of a leaders’ summit. Global benchmark Brent traded above $119 a barrel after jumping more than 6% last week to post the highest close in two months. The commercial hub of Shanghai allowed all manufacturers to resume operations from June, while officials said Beijing’s COVID outbreak is under control. While EU nations failed to agree on a deal Sunday on a revised sanction package that may include a ban on Russian crude to punish Moscow for its invasion of Ukraine, talks will continue during the week. Hungary is so far refusing to back a compromise despite proposals aimed at ensuring its oil supplies. Brent crude is on course for a sixth consecutive monthly climb that would be the longest such run in more than a decade. Oil markets remain in backwardation. Brent’s prompt spread was $3.67 a barrel on Monday, up from $1.34 a barrel three weeks ago.
Newsletter - May 30, 2022
Newsletter - May 30, 2022
Newsletter - May 30, 2022
Oil / Commodities - Oil held steady at the week’s open as China made progress toward easing anti virus lockdowns and the EU continued to work on a plan to ban imports of Russian crude ahead of a leaders’ summit. Global benchmark Brent traded above $119 a barrel after jumping more than 6% last week to post the highest close in two months. The commercial hub of Shanghai allowed all manufacturers to resume operations from June, while officials said Beijing’s COVID outbreak is under control. While EU nations failed to agree on a deal Sunday on a revised sanction package that may include a ban on Russian crude to punish Moscow for its invasion of Ukraine, talks will continue during the week. Hungary is so far refusing to back a compromise despite proposals aimed at ensuring its oil supplies. Brent crude is on course for a sixth consecutive monthly climb that would be the longest such run in more than a decade. Oil markets remain in backwardation. Brent’s prompt spread was $3.67 a barrel on Monday, up from $1.34 a barrel three weeks ago.