The European Commission presents the embargo on Russian oil
Oil rallied on Wednesday: Brent futures traded on ICE edged +4.9% higher to $110.14/b and WTI futures traded on NYMEX gained +5.3% to settle at…
ICE Brent crude oil gained a dollar, to 67.7 $/b at the prompt, supported by a relatively constructive EIA weekly report but also strengthening cracks globally. US demand remained strong, despite a pullback in gasoline consumption, while US refiners processed 15 mb/d of crude last week. US crude production remained pegged to 11 mb/d, which should continue to incentivize greater crude imports.
Get more analysis and data with our Premium subscription
Ask for a free trial here