Crude Oil Futures

The price of crude oil extended the losses for three successive weeks, following the linear fate of LNG, liquified natural gas, which fell by over 40% in June, having reached the highest at $9.33. As of 09:45 GMT, the prices of WTI, Brent and LNG stood at $106.37, $109.90 and $5.72 respectively. The lingering fear of a major global recession weighs heavily on the current sentiments in the energy markets; the obvious supply-side woes have not been able to push the prices up steadily in the recent weeks, defying the pundits. The OPEC+, meanwhile, reiterated its commitment to increase the production by 648,000 bpd for July and August in their latest monthly meeting on Thursday. The cartel, however, did not say about their plans beyond August, implying the anxiety of the members over the demand in the coming months. Although analysts intensely focus on the US crude inventory data that is available on weekly basis from two major sources, the EIA, US Energy Information Administration, sheds

  The leaders of the world's wealthiest nations, the G-7,  went into what modern motivational speakers call, a brainstorming session, at the weekend in Germany, in order to discuss the global economic outlook, when uncertainty on the same front morphs into frightening forms.  On the top of their agenda, among a few more things, was of course, the war in Ukraine and how to corner Russia over it. The main focal point of the summit that started in a lighter vein with a reference to the photo of the  Russian strong man's bare-chested horseback, was about the War - its inevitable consequences for the global economy and global food shortages. Of course, they have agreed to tighten the grip on Russia further by more sanctions, perhaps in proportion to the frequency of the missiles that rained down on the cities across Ukraine on Sunday. As far as crude oil market are concerned, one of the measures that was said to have discussed is placing a price cap on Russian oil exports to the Wes