Oil Markets Gloomy, China Stockpiles, US-Venezuela Tensions

Oil markets grapple with oversupply and weak demand, with Brent crude at around sixty-three dollars and WTI at nearly fifty-nine dollars. A surge in oil product prices has cooled down, with a significant drop in the ICE Gasoil-Brent crack. Market focus remains on Russias war in Ukraine and potential US intervention in Venezuela, contributing to bearish sentiment. China continues to increase its imports of Russian crude, stockpiling oil for strategic reasons. European natural gas prices have softened, while US gas prices have rallied due to falling inventories and expectations of higher demand.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.