Brent fell by 60 cents, or 0.5%, to $112.89 a barrel, WTI climbed $1.13, or 1.1%, to $109.58 a barrel.

Coal poured into the Antwerp-Rotterdam-Amsterdam region -- a huge transport hub for energy and commodities -- in the first half of this year

European energy markets are in turmoil with Russia’s supplies at multiyear lows, coupled with intense competition for liquefied natural gas with Asia

Russian pipeline exports to Europe in June via its main operational corridors -- Nord Stream, Ukraine and the TurkStream string to Europe -- totaled just 4.69 Bcm, down 41% compared with supplies of 7.93 Bcm in May,

Last week we saw major volatility on the Oil tabs especially on the Bearish alignment,as the rangebound zones maintained within the Crude Oil WTI

The Worldwide Rig Count for May was 1,706, up 78 from the 1,628 counted in May 2022,and up 381 from the 1,325 counted in May 2021.

U.S. Rig Count is down 3 from last week to 750, Canada Rig Count is up 12 from last week to 166.

Brent fell 33 cents, or 0.3%, to $111.30 a barrel, WTI slipped 40 cents, or 0.4%, to $108.03.

The price of OPEC basket of thirteen crudes stood at $113.20 a barrel

Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th and 29th OPEC and non-OPEC Ministerial Meetings and the decision to adjust upward the monthly overall production for the month of August 2022 by 0.648 mb/d.

Russia has reduced shipments through its biggest Nord Stream pipeline by 60% and the link is scheduled for a full shutdown next week for maintenance.

“Such a collapse would have massive consequences for the entire economy and jobs in Germany.”

German leaders are stepping up warnings of impending turmoil and natural-gas shortages in Europe’s biggest economy, which relies on Russia for about one-third of its energy.

Iran could increase production to levels before the sanctions, he said, without giving an estimate of current output.

Brent climbed $1.9, or 1.7%, to $116.99, WTI rose $1.8, or 1.6%, to $111.36 a barrel.