- Oil traded higher Tuesday morning as China lifted some restrictions in Shanghai
- Demand concerns surrounding China’s recent Covid-19 outbreak have helped pressure oil prices lower
- The oil market’s structure has weakened in the last couple of weeks as higher physical prices have given way to calmer market conditions (Bloomberg)
- Crude exports from Russia are showing signs of stress amid the retracement of European buyers (BBG)
- European oil majors, including Shell and TotalEnergies SE, have said they will stop buying oil from Russia as they loath the war in Ukraine
- There are signs that buyers in Asia are trying to soak up discounted Russian crude
- According to Bloomberg, many crude tankers leaving Russia are executing ship-to-ship transfers to mask barrels headed to Asia