Westerners step up economic and financial pressure on Russia
In the financial markets, last week ended in an almost surreal atmosphere with very strong rises in the equity markets, so much so that the…
ICE Brent price climbed back to 72.5 $/b at the prompt, as US monthly inflation recorded at 5% for May, likely boosted demand for long-dated commodity futures contracts. Saudi Arabia announced that they rose production by close to 0.4 mb/d in May, but the market remained in an upward momentum phase, as all Middle Eastern OSPs priced a higher premium against benchmarks. Interestingly, despite large diesel imports from Asia, ARA inventories dipped last week by 1.3 mb, a 7% decline, potentially highlighting a return of gasoline demand in North-West Europe.
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