U.S. Rig Count is up 14 from last week to 728, Canada Rig Count is unchanged from last week at 88.

Brent fell 59 cents, or 0.53%, to $111.45 a barrel , WTI fell 56 cents, or 0.5%, to $111.65 .

The price of OPEC basket of thirteen crudes stood at $112.04 a barrel on Thursday

China's seaborne Russian oil imports will jump to a near-record 1.1 million barrels per day (bpd) in May, up from 750,000 bpd in the first quarter and 800,000 bpd in 2021,

Brent were down $1.25, or 1.2%, at $107.86 a barrel, WTI fell $1.96, or 1.8%, to $107.63 a barrel.

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

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

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.

The energy transition to net zero emissions will likely take longer than planned, and the cost will be much higher than most realize.

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.