Brent rose 63 cents to $80.27 a barrel, WTI climbed 62 cents to $76.27 a barrel.

Benchmark futures settled 3.9% higher after another session of sharp price moves. Searing temperatures in parts of the region and global competition for liquefied natural gas continue to provide upward pressure — even as flows from Norway, Europe’s top supplier, return to levels last seen in April.

BNEF estimates that the global annual green investments would need to almost triple to $6.9 trillion by 2030 to have any hope of getting to net zero by 2050.

Wind employs twice as many people as coal power generation. However, coal still produces 19.5% of our electricity while wind only accounts for 10.2%.

U.S. commercial crude oil inventories decreased by 0.7 million barrels to 457.4 million barrels.

Brent had added 5 cents, or 0.1%, to $81.41 per barrel, WTI rose 9 cents, or 0.1%, to $76.98.

The Brent crude oil spot price will average $80 per barrel (b) in 4Q23 and $84/b in 2024.

According to price reporting agency Argus Media, Urals crude topped $60 a barrel on Wednesday, climbing above the cap that the Group of Seven set last year in an attempt to restrict revenue to Moscow’s war machine.

The central bank still expects a current account surplus of $47 billion this year and $38 billion in 2024. On Tuesday, it said in a statement that Russia’s worsening trade balance was caused by a decrease in export volumes as well as the decline in prices mainly for energy exports.

About 40% of new global LNG output will come from Qatar by 2029, said Minister of Energy Saad al-Kaabi at the LNG 2023 conference.

U.S. commercial crude oil inventories increased by 5.9 million barrels to 458.1 million barrels.

The Worldwide Rig Count for June was 1,800, up 17 from the 1,783 counted in May 2023, and up 94, from the 1,706 counted in June 2022.

Brent were up 20 cents, or 0.3%, at $76.72 a barrel, WTI gained 19 cents, also 0.3%, to $71.99 a barrel.

UAE energy minister Suhail al-Mazrouei said the voluntary OPEC+ cuts would bear fruit soon and blamed the current market malaise on the disconnect between physical and paper traders.

The ruble has grown more vulnerable after a deterioration in Russia’s external finances. Unlike last year, when the government earned a record windfall after a rally in commodity prices, export proceeds have fallen sharply in 2023.