The price of OPEC basket of thirteen crudes stood at $112.35 a barrel

The European Commission will next month present a plan for EU countries to coordinate their preparations for further gas shocks, as Russia has already cut or reduced supplies to 12 of the bloc's 27 member states.

The EU’s gas supply situation could worsen if Russia halts gas flows to the region in the coming weeks, Energy Commissioner Kadri Simson said Monday.

Brent edged down 8 cents to $113.04 a barrel , WTI was at $107.38 a barrel, down 24 cents.

"Today, nobody is bothering who is buying what from where. We are quite happy to source from as far as we can," a leading Indian oil ministry source said.

U.S. Rig Count is up 13 from last week to 753, Canada Rig Count is down 2 from last week to 154.

Brent fell $1.3, or 1.2%, to $110.40, WTI fell $1.4, or 1.3%, to $104.78 a barrel.

The price of OPEC basket of thirteen crudes stood at $111.09 a barrel

"OPEC+ is not going to change the plans at this month's meeting," an OPEC+ source said. Four other sources made similar remarks.

The balance had now “tipped” in favour of an economic contraction next year in the US and Europe. “What used to be a rising risk has now turned into the base case.”

Europe has imported a record amount of LNG so far this year, 60% more than a year ago, helping to keep European prices at the Dutch TTF hub, the European gas benchmark,

By mid-session on June 23, the NYMEX Henry Hub July contract had dropped more than 60 cents, trading around $6.20/MMBtu by 1 pm ET.

Certification by the Indian Register of Shipping (IRClass), one of the world's top classification companies, provides a final link in the paperwork chain - after insurance coverage - needed to keep state-owned Sovcomflot's tanker fleet afloat and delivering Russian crude oil to overseas markets.

This is the third time this month that Pakistan failed to complete an LNG tender for July, and the country’s inability to purchase fuel threatens to exacerbate electricity shortages just as hotter weather boosts air conditioning and power demand.

Brent fell $1.3, or 1.2%, to $110.40, WTI fell $1.4, or 1.3%, to $104.78 a barrel.