Brent rose 16 cents or 0.2% to stand at $74.67, WTI gained 8 cents or 0.1% to $69.95.

At the heart of the new energy paradigm is undersea cable technology, which is benefitting from improved laying techniques and a general acceptance of the idea that high-voltage direct current connectors can function safely over very large distances for many decades.

Asian demand has also led to Saudi Aramco's optimism about the global oil market's prospects for the rest of the year, its CEO Amin H. Nasser said at the conference, adding that oil market fundamentals remain "generally sound".

In 2021, Russia pumped about 150 billion cubic meters of pipeline gas to Europe — more than enough to satisfy the combined annual consumption of Germany, France and Austria. Europe represented two-thirds of the country’s gas exports including flows of liquified natural gas.

Brent slipped 51 cents, or 0.4%, to $73.76 a barrel, WTI were down 42 cents, or 0.6%, at $69.09.

China National Petroleum Corp. signed a 27-year LNG purchase agreement for 4 million tons annually with QatarEnergy on Tuesday.

China had also previously offered a subsidy for EV purchases for more than a decade but the programme ended last year.

Preliminary production figures for May 2023 show an average daily production of 1 991 000 barrels of oil, NGL and condensate.

While renewable power generation from wind and solar continues to capture much of the peak power demand in The Electric Reliability Council of Texas, demand for gas-fired cooling is also up.

U.S. commercial crude oil inventories decreased by 3.8 million barrels to 463.3 million barrels.

Brent dipped 17 cents, or 0.2%, to $75.50 a barrel, WTI dropped 16 cents, also 0.2%, to $70.46 a barrel.

Believe it or not, the concept of reserve power is a foreign one in Texas. The bill passed with a caveat: any increase in costs could not exceed $1 billion annually.

The city council in Austin, Texas is on the verge of signing on to the Fossil Fuel Non-Proliferation Treaty (FFNPT), a global campaign calling on countries to phase out fossil fuel production and help communities make the transition to a renewable energy economy.

U.S. commercial crude oil inventories increased by 7.9 million barrels to 467.1 million barrels.

Brent dropped 35 cents, or 0.5%, to $75.61 a barrel, WTI eased 35 cents, or 0.5%, to $70.94.