The Portuguese energy group Galp has reached an agreement with SER Energia and Casa dos Ventos to acquire upon maturity up to 4.8 GW of solar and wind projects spread through nine Brazilian states.

Brent was up 36 cents, or 0.3%, at $110.50 a barrel, WTI rose 4 cents, or less than 0.1%, to $107.85.

The price of OPEC basket of thirteen crudes stood at $110.83 a barrel on Wednesday,

Five OPEC+ delegates said the group was set to agree to increase its June output target by 432,000 barrels per day, in line with its existing plan to unwind output curbs made during the worst of the COVID-19 pandemic in 2020.

"Due to the fact that the Nord Stream 2 offshore gas pipeline is currently not in use, and taking into account the implementation of gas supply for consumers in northwest Russia, Gazprom has decided to use the excess onshore gas transmission capacity of Nord Stream 2 for the development of gas supply to the regions of northwest Russia," Gazprom said in a statement.

19 GW of new wind projects were financed in the European Union, well below the required rate of 32 GW/year to meet the current 40% renewable energy targets by 2030.

In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3/4 to 1 percent and anticipates that ongoing increases in the target range will be appropriate.

Bangladesh, India, Pakistan and Sri Lanka's exposure to wildfires, floods, major storms and also water shortages mean South Asia has 10%-18% of GDP at risk, roughly treble that of North America and 10 times more than the least-affected region, Europe.

U.S. commercial crude oil inventories increased by 1.3 million barrels to 415.7 million barrels.

Brent rose $2.94, or 2.8%, to $107.91 a barrel, WTI rose $3.02, or 3%, to $105.43 a barrel.