The price of oil during European trading after data showed that crude oil inventories in the United States rose by 4.78 million barrels in the week ending April 22, according to special reports from the American Petroleum Institute on Tuesday. The report also showed that reserves in Cushing, Oklahoma, added 1.14 million barrels. Gasoline stocks decreased by 3.91 million barrels, while distillate stocks rose by 431,000 barrels, according to reported data.
German Economy Minister: Germany is close to giving up Russian oil
Meanwhile, German Economy Minister Robert Habeck announced, on Tuesday, that the government is close to securing the necessary oil supplies so that it can abandon Russian oil imports. Habeck also told reporters in Warsaw that Russian crude shipments currently constitute 12% of Germany’s total supply, stressing that the country would be able to manage an embargo on Russian oil “within days.” The comments come shortly after Brussels confirmed that the next package of sanctions against Russia would be introduced soon.
There was a European split over paying for Russian gas imports in rubles, with Austria-Hungary agreeing to pay in Russian currency. Meanwhile, the Russian energy giant Gazprom announced the halting of gas supplies to Poland and Bulgaria, while refusing to pay for imports in Russian rubles.
Xi: China expands construction of oil and gas pipelines
In other news, Chinese President Xi Jinping on Tuesday urged a “comprehensive improvement of infrastructure” in the country, including the construction of new oil and gas pipelines. Speaking at a meeting of the Central Committee for Financial and Economic Affairs in Beijing, Xi stressed the importance of infrastructure for both the social and economic development of the Asian country. Xi also said that China will seek to facilitate construction and strive to improve “financial spending on infrastructure projects,” as translated by the Global Times.
In terms of trading, West Texas Intermediate fell 0.58% to $101.23 a barrel. Also, Brent crude settled down 0.22% to $104.21 a barrel. At 12:45 noon GMT.