Crude oil poised to make the fifth monthly advance after recently volatility from war in Ukraine and demand fall out from reassurance of COVID-19 wave in China.
The WTI is trading around $105 a barrel while the Brent is trading around $107 a barrel.
Traders are weighing the prospect of a European Union ban on Russia crude imports is making gradual progress as the war enters its third month despite diplomatic efforts for a cease-fire.
Meanwhile, China’s virus outbreak has added another source of volatility to the market. The nation has extended mass testing to more cities, with lockdowns leading to swelling oil stockpiles and putting the world’s biggest crude importer on track for the largest hit to demand since the early days of the pandemic.
