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Crude Oil: increased to a 7-week high of 111.47 USD/Bbl, extending gains from the prior week, amid lingering concerns about an impending European embargo on Russian oil , with Kyiv reportedly once again urging the EU to impose oil sanctions against Moscow.

Meantime, in its monthly report OPEC said it expects global demand to slow to 1.9 million barrels per day in Q2. In China, Reuters said that Shanghai will gradually begin reopening businesses from Monday after weeks in strict COVID-19 lockdown.

Meanwhile, a local government media outlet reported that Shanghai’s subway operator began testing trains on its vast network in preparation for reopening.

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