- Oil to finish higher for a fourth consecutive week with modest gains
- WTI traded in a $7 range on Thursday in a volatile session
- China is in talks with Moscow about replenishing its strategic crude stockpiles with cheaper Russian oil
- Even though Chinese domestic demand slowed due to COVID resurgence, purchases of oil, gas, and coal increased by 75% to over $6 billion in April
- G-7 officials addressed the possibility of using secondary sanctions against Russian oil, said U.S. Treasury Secretary Janet Yellen on Thursday (BBG)
- The U.S. has already banned Russian oil, and the EU is considering the same by the end of the year
- Forming a buyers' cartel to impose a set price for Russian oil could curtail Russia’s revenue
- The U.S. House passed a bill prohibiting "excessive" gasoline prices yesterday in the face of rising gasoline prices across the country (BBG)
- The bill gives President Biden the authority to set a cap on gasoline prices while also giving the FTC the authority to impose penalties
- Following that, the Senate is due to consider the bill, as the average retail gasoline price hit new highs over the past ten days
- President Biden will make a price cap a priority of his trip to Asia and the EU is expected to back it when meets in Brussels at the end of May to address Ukraine