The oil ministry said June 29 that India would allow operators to sell locally-produced crude in the domestic market without restrictions from Oct. 1, but restrictions on exporting locally-produced crude would remain.

The sanctions freeze assets of companies based in Iran, Vietnam, Singapore, the UAE and Hong Kong.

Brent rose as much as $3.08, or 2.9%, to $105.85 a barrel, WTI climbed to a session high of $102.14 a barrel.

China spent $18.9 billion on Russian oil, gas and coal in the three months to the end of May, almost double the amount a year earlier, latest customs data show. Meanwhile, India shelled out $5.1 billion in the same period, more than five times the value of a year ago.

Brent fell by 60 cents, or 0.5%, to $112.89 a barrel, WTI climbed $1.13, or 1.1%, to $109.58 a barrel.

Last week we saw major volatility on the Oil tabs especially on the Bearish alignment,as the rangebound zones maintained within the Crude Oil WTI

The Worldwide Rig Count for May was 1,706, up 78 from the 1,628 counted in May 2022,and up 381 from the 1,325 counted in May 2021.

U.S. Rig Count is down 3 from last week to 750, Canada Rig Count is up 12 from last week to 166.

Brent fell 33 cents, or 0.3%, to $111.30 a barrel, WTI slipped 40 cents, or 0.4%, to $108.03.

The price of OPEC basket of thirteen crudes stood at $113.20 a barrel