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Brent Crude: traded around $110 per barrel in volatile trading on Thursday after tumbling 4.5% in the past two sessions, amid the widening supply and demand uncertainties.

Recent weak earnings results rekindled fears over the impact of inflation on growth, unleashing concerns over weakening consumption and fuel demand, just as hopes over a recovery in China were growing.

Meanwhile, the EU this month proposed a total ban on oil imports from Russia in six months’ time, but its approval has been delayed due to a holdout from some member states.

In Russia, Deputy Prime Minister Alexander Novak said oil production decreased by about 1 million bpd in April but increased by 200,000 bpd to 300,000 bpd in May and in the US EIA data showed crude inventories unexpectedly fell last week, as refiners ramped up output in response to tight product inventories and near-record exports.

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