Moves to sell off strategic reserves of crude combined with a lowering of expectations on global demand to allow Brent crude to dip under the $100 mark on Tuesday, but the unwillingness of Opec producers to help “replace” Russian crude soon pushed the price of a barrel of Brent back above $105.

US President Joe Biden took the initiative two weeks ago by announcing his decision to sell off a record 180 million barrels of crude from strategic reserves after his pleas for Opec producers to open the taps fell on deaf ears.