Crude Futures Rise on Bullish Backdrop

Oil prices have risen today on a backdrop of signs lockdowns in China are easing and reports OPEC+ will not raise outputs beyond the currently announced increases.

• WTI futures have risen above $113.79 per barrel, while Brent has reached $117 per barrel at a two month high.
• Oil markets have also benefitted from a bullish EIA report this week, showing crude inputs to domestic refiners at multi-year highs with demand set to keep rising as summer travel both by air and road increases this summer. The US summer driving season kicks off this Memorial Day weekend. Distillate stocks in the US remain weak.
• The EU is still wrangling with Hungary to agree an oil ban against Russia as signs of an outcome keep extending to the future, though Germany are eager to ban with or without block unanimity.
• European Council President Charles Michel on Wednesday said he is confident that an agreement can be reached before the council's next meeting on May 30.