The surge in electricity supply did little to ease rising prices that are being driven higher by climbing gas costs as Russia cuts some flows to Europe.

Brent were down 45 cents, or 0.4%, to $118.06 a barrel , WTI fell 44 cents to $114.87, also off 0.4%.

"We see that we have a fairly significant increase in June compared to May, up around 600,000 b/d," Novak said on the sidelines of the St Petersburg International Economic Forum,

Compared to pre-war levels in January and February, Russia's shipped crude exports from June 1-15 rose by 576,000 b/d to average about 3.88 million b/d,

Средняя цена на нефть Urals за период мониторинга с 15 мая 2022 года по 14 июня 2022 года составила $87,491 за баррель, или $638,7 за тонну.

European nations have for months feared Russian supply cuts in retaliation for sanctions aimed at Moscow for its invasion of Ukraine.

According to preliminary data, Gazprom produced 226 billion cubic meters of gas from January 1 through June 15, 2022. This is a decrease of 6.4 per cent (or 15.5 billion cubic meters) versus the same period of last year.

The UK Department for Business, Energy & Industrial Strategy (BEIS) said on 14 June that the government had published documents which show significant progress towards implementing a new funding model which will give nuclear projects the financial support they need and attract private investment.

The Committee decided to raise the target range for the federal funds rate to 1‑1/2 to 1-3/4 percent and anticipates that ongoing increases in the target range will be appropriate.

U.S. commercial crude oil inventories increased by 2.0 million barrels to 418.7 million barrels.

Brent were down $1.27, or 1%, at $119.90 a barrel, WTI fell $1.44, or 1.2%, to $117.49 a barrel.

The price of OPEC basket of thirteen crudes stood at $123.73 a barrel

For 2022, world oil demand growth is broadly unchanged to stand at 3.4 mb/d.

The decline in overall export volumes is mainly due to lower oil-product flows, while Russian crude shipped in May grew nearly by 500,000 barrels a day compared to the start of the year, mainly thanks to higher deliveries to Asia.

Asian LNG futures for winter delivery surged to the highest level in over two months.