Australian shares are set to open lower amid renewed selling in New York. Bitcoin briefly topped $US32,000. First-quarter GDP tops agenda. Follow updates here.
Oil’s rally fizzled following a report that OPEC members are exploring the idea of exempting Russia from its oil-production deal, which could open the door for other producers to pump more oil.
Crude has soared this year as the conflict in Europe tightened global supplies at a time of rising demand, depleting stockpiles and boosting product prices to all-time highs. Oil prices have also been lifted as drivers kick off the nation’s busy summer driving season just as authorities in China loosen anti-virus curbs that had hurt energy consumption.
“What has been announced is what we have known for a while – most EU countries are planning to continue to wean themselves from a diet on Russian crude,” said Ed Morse, Citigroup global head of commodity research. “Much of that is already been displaced and bought at around a 30 per cent discount to brent crude.”
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