Germany says hopes to halve oil imports from Russia by the summer

  • Germany says it has managed to reduce coal, oil imports from Russia in the last four weeks

That's ambitious and the issue with all the diversification away from Russian oil is that it will keep supplies globally rather tight. Add that to low inventories and you have a recipe for oil prices to stay elevated in the months to come.

Oil continues to settle into a new paradigm with a wider trading range, holding at $110 currently - down 1.8% on the day. I see that range being somewhere around $95 to $120 honestly and if there is a break, it will come fast and furious again.

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