The price of OPEC basket of thirteen crudes stood at $114.94 a barrel on Wednesday

Saying no to Russian energy means that Europe will systemically and for the long term become the world’s most costly region for energy resources.

After a fall of 1 million b/d in April, Russian oil production has risen by 200,000-300,000 b/d in May and will continue to increase next month

U.S. commercial crude oil inventories decreased by 3.4 million barrels to 420.8 million barrels.

Brent was up 23 cents, or 0.2%, at $112.16 a barrel, WTI climbed 71 cents, or 0.6%, to $113.11 a barrel.

The price of OPEC basket of thirteen crudes stood at $117.20 a barrel on Tuesday

India's oil demand is expected to grow by 245,000 b/d year on year in 2022, revised up by about 20,000 b/d from an earlier outlook, due to better-than-expected demand trends.

Brent rose as high as $115.14, WTI slid 26 cents, or 0.2%, to $113.94.

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

The energy package due this week may include measures to address the increasing household costs and energy poverty.

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.