Brent fell $1.3, or 1.2%, to $110.40, WTI fell $1.4, or 1.3%, to $104.78 a barrel.

The price of OPEC basket of thirteen crudes stood at $111.00 a barrel

Brent dropped $3.87, or 3.4%, to $110.78 a barrel, WTI were off lows but still down $4.04, or 3.7%, to $105.48 a barrel.

The EU relied on Russia for as much as 40% of its gas needs before the war - rising to 55% for Germany - leaving a huge gap to fill in an already tight global gas market.

Brent rose $1.23, or 1.1%, to $115.36 a barrel, WTI rose $1.57, or 1.4%, to $111.13.

The price of OPEC basket of thirteen crudes stood at $113.54 a barrel

The US remained China's biggest LPG supplier, sending 648,155 mt in May, but the volume dropped by 13.8% month on month, and fell by 16.3% year on year, customs data showed.

Although there are still some Russian crude supplies tied to quarterly and half-yearly term contracts, South Korea will eventually halt Russian oil purchases

Preliminary production figures for May 2022 show an average daily production of 1 831 000 barrels of oil, NGL and condensate.

Brent rose 42 cents, or 0.4%, to $113.54 a barrel, WTI was at $109.85 a barrel, up 29 cents, or 0.3%.

The price of OPEC basket of thirteen crudes stood at $118.97 a barrel

Crude imports rose 55% from a year ago to 8.42 million tons, with Russia overtaking Saudi Arabia as China’s main source of oil, according to customs data released on Monday.

Supply is likely to remain curbed with Gazprom PJSC’s chief Alexey Miller warning there’s no solution for now for issues with the gas turbines essential for the functioning of the pipeline.

Despite experiencing a series of adverse shocks—higher-than-expected inflation, the ongoing supply disruptions related to COVID-19, and Russia’s invasion of Ukraine—the financial system has been resilient, though portions of the commodities markets temporarily experienced elevated levels of stress.

Just when it didn’t seem things couldn’t get worse — gasoline at $5 to $8 a gallon, supply shortages in everything from baby formula to new cars — comes the devastating news that many of us will endure electricity blackouts this summer.