The first week of May could have brought us a much-awaited paradigm shift, however the markets still appraise the impact of China’s COVID lockdowns amidst the mass-testing taking place in Beijing and the probability of a comprehensive European embargo on Russian oil. With no clear way out for either of those, Brent futures remained range bound, closing Tuesday around $106 per barrel. Amid Faltering Demand Prospects - Whilst OPEC+ is widely expected to agree to another monthly increase of 432,000 b/d, the widening gap between the oil group’s…
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