Refining activity picked up in the most recent week, in response to tight product inventories and near-record exports that have forced diesel and gasoline prices to record levels in the U.S.
Russia's invasion of Ukraine has prompted the European Union to rethink its energy policies amid sharpened concerns of supply shocks.
With COVID-19 restrictions easing in China, oil prices are rising in anticipation of growing supply and demand concerns.
Crude oil stockpiles in the U.S. Strategic Petroleum Reserve fell to 538 million barrels, the lowest since 1987, data from the U.S. Department of Energy showed.
According to Stratas Advisors, the question remains: when will oil prices break out of their current pattern and in which way will they break—below the lower support level or upwards to new highs?
Prince Abdulaziz bin Salman said production could be maintained at that level should market demand require it.
WTI was on track for its highest close since March 25 and its third weekly rise. Brent, however, remained set for its first weekly decline in three weeks.
IEA Executive Director Fatih Birol also said that the summer may be challenging for the oil market, while winter may be challenging for the gas market.
OPEC cited rising inflation and continued monetary tightening, and lowered this year’s economic growth forecast to 3.5% from 3.9%, adding upside potential was “quite limited.”
IEA's analysis suggests the economic impact from further sanctions on Russian energy mulled by the European Union could be limited.