U.S. West Texas Intermediate crude futures were down 25 cents, or 0.2%, at $118.25 a barrel, having risen by over $1 per barrel earlier in the session.
U.S. State department authorisation for Eni and Repsol to start shipping Venezuelan crude to Europe from July to replace lost Russian barrels has also weighed on prices in recent days. Further bullish sentiment followed analyst doubts that last week’s production policy decision by the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, would alleviate tight supply.
Top oil exporter Saudi Arabia raised the July official selling price for its flagship Arab light crude to Asia by $2.10 from June to a $6.50 premium over Oman/Dubai quotes.“Refining margins globally suggest that demand for petrol and diesel remain in heavy demand, with the refining logjam in refined products backstopping crude prices,” Jeffrey Halley, a senior Asia Pacific market analyst at OANDA.
They aimed for the 2$ gouge and got it. It’s stable now.
Oil & Gas need to cut price. Buy hybrid
“Stable” haha