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Oil prices climbed on Thursday, in a volatile trading session. On ICE, Brent for July delivery settled 2.7% higher to $112.04/b, the contract traded between $105.70/b and $112.31/b. On NYMEX, WTI front month made a 2.4% gain to stand at $112.21/b.
At start, oil market was dragged lower as stocks continued to drop, on worsening growth perspectives and high inflation level. But, when stocks rebounded oil followed the move, buoyed by lockdown easing in China and a weaker dollar.
Russian authorities want to sell more oil to Asian countries to replace exports to European buyers who try to find other suppliers as a retaliatory measure after the invasion of Ukraine. Bloomberg reported that China is considering the option to buy Russian oil to fill its strategic reserves.
Russian Deputy Prime Minister also indicated that his country’s oil production decreased by 1 mb in April and should increase by 250 kb in May, however this affirmation need to be considered with caution as the Russian government tries to hide the state of its oil industry for strategic reasons.
According to people familiar with the matter, Biden is considering the possibility to meet for the first time crown price bin Salman as early as June. He could use this meeting to negotiate a significant increase of OPEC production targets to bring oil and gasolines prices down.
Today oil starts the session in red territories: ICE Brent is -0.6% down.
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