The price of OPEC basket of thirteen crudes stood at $113.07 a barrel on Monday

Due to the ongoing geopolitical crisis, the EU member states have set up a purchasing platform for gas, LNG and hydrogen. In this way, one wants to become more independent of Russian energy imports and react against the strong price fluctuations of natural gas.

Brent were down $1.42, or 1.3%, at $110.13 a barrel, WTI were $1.10, or 1.0%, lower at $109.39 a barrel.

The price of OPEC basket of thirteen crudes stood at $112.37 a barrel on Friday

Russia’s share of German crude consumption has already declined to 12% from about 35% before the war in Ukraine, according to the Economy Ministry in Berlin.

The crude throughput was the lowest since March 2020 when it was at 11.81 million b/d, following lockdowns after the initial COVID-19 wave.

U.S. Rig Count is up 9 from last week to 714, Canada Rig Count is down 3 from last week to 88.

Brent were up $1.68, or 1.6%, at $109.13 a barrel, WTI climbed $1.40, or 1.3%, to $107.53 a barrel.

The price of OPEC basket of thirteen crudes stood at $109.02 a barrel on Wednesday

World oil demand growth in 2022 is expected to increase by 3.4 mb/d y-o-y, representing a downward revision of 0.3 mb/d from last month’s report, with 1.8 mb/d in the OECD and 1.6 mb/d in the non-OECD.