West Texas Intermediate topped $105 a barrel after closing 4% higher on Monday, the biggest gain in two weeks. Washington will announce additional measures this week, according to National Security Advisor Jake Sullivan, who said these may contain curbs on energy. European policy makers including French President Emmanuel Macron also flagged scope for further steps.
“Given that Europe cannot disengage from Russia’s energy market at the click of a finger, I believe these fears are overdone,” said Jeffrey Halley, a senior market analyst at Oanda Asia Pacific Pte. Moves in Asia may be exacerbated by reduced liquidity with Hong Kong and China out for holidays, he added.
in a bid to tame prices, ease the burden on consumers, and peg back inflation. Other countries have said that they’ll also make oil drawdowns.West Texas Intermediate for May delivery advanced 1.7% to $105.03 a barrel on the New York Mercantile Exchange at 10:38 a.m. in Singapore.Futures remain in backwardation, a bullish pattern marked by near-term prices above longer-dated ones. Brent’s prompt spread — the gap between its two nearest contracts — jumped to $1.71 a barrel from $1.53 on Monday.
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