Can we say Breakout?
Or will Venezuelan oil save soaring oil prices?
WTI crude futures rose more than 1.5% to above $114 per barrel on Wednesday, recovering from a 1.6% drop in the previous session, amid hopes of demand recovery in China and as supply remains constrained. China appears to be gradually easing its lockdown of Shanghai, with the city set for the return of more normal life from June 1st. Also, Russia’s production fell by nearly 9% in April, 1.28 million bpd below its OPEC+ designated output quota as producers have started to shut in some wells as buyers in the West are increasingly shunning Russian crude amid the Ukraine war. Adding to bullish sentiment industry figures from API showed US crude and gasoline stocks fell last week and diplomats from the EU also pointed to a May 30-31 summit as the moment for agreement on a phased ban on Russian oil. Meanwhile, reports emerged that the US is allowing Chevron Corp to negotiate oil licenses with Venezuela’s national producer, temporarily lifting a US ban on such discussions.
$Crude Oil Futures(JAN5) (CLmain.US)$
WTI crude futures rose more than 1.5% to above $114 per barrel on Wednesday, recovering from a 1.6% drop in the previous session, amid hopes of demand recovery in China and as supply remains constrained. China appears to be gradually easing its lockdown of Shanghai, with the city set for the return of more normal life from June 1st. Also, Russia’s production fell by nearly 9% in April, 1.28 million bpd below its OPEC+ designated output quota as producers have started to shut in some wells as buyers in the West are increasingly shunning Russian crude amid the Ukraine war. Adding to bullish sentiment industry figures from API showed US crude and gasoline stocks fell last week and diplomats from the EU also pointed to a May 30-31 summit as the moment for agreement on a phased ban on Russian oil. Meanwhile, reports emerged that the US is allowing Chevron Corp to negotiate oil licenses with Venezuela’s national producer, temporarily lifting a US ban on such discussions.
$Crude Oil Futures(JAN5) (CLmain.US)$
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