Reopening of Shanghai, rumours of deal on EU ban of Russian oil sends spot prices up sharply

Fears of tightening supply outweighs reports of Opec production hike, record production levels in Permian basin

Recovering: News of a reopening of Shanghai helped send Brent and West Texas Intermediate crude spot prices up sharply Monday — Recovering: News of a reopening of Shanghai helped send Brent and West Texas Intermediate crude spot prices up sharply MondayPhoto: LNG 19

Mark Passwaters
Reuters

Houston

Permian Basin Opec Russia EU Shanghai

Published 16 May 2022, 20:07Updated 16 May 2022, 23:04