Oil continued to climb
Yesterday oil benchmarks went up: ICE Brent traded 2.5% higher at $117.58/b. While, NYMEX WTI price moved up by 2.0% to $111.76/b. A bullish factor…
ICE Brent prompt contract declined to 74.5 $/b at the prompt, in a volatile start of the week. Russian output in June averaged 10.42 mb/d vs 10.45 mb/d in May, questioning the ability of Russia to effectively ramp up crude production. Despite the drop in crude prices, European diesel cracks felt even stronger, at 4.8 $/b at the prompt, as the Delta variant triggered new restrictions in European capitals such as Lisbon.
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