China is quietly ramping up purchases of oil from Russia at bargain prices, according to shipping data and oil traders who spoke to Reuters, filling the vacuum left by Western buyers backing away from business with Russia after its invasion of Ukraine in February

Oil prices sank about 6% alongside equities, as continued coronavirus lockdowns in China, the top oil importer, fed worries about the demand outlook

OPEC+ agreed to another modest monthly oil output increase, arguing that the producer group could not be blamed for disruptions to Russian supply and saying China’s coronavirus lockdowns threatened the outlook for demand

The increase in OPEC’s oil output in April undershot the rise planned under a deal with allies, a Reuters survey found, as declines in Libya and Nigeria offset supply increases by Saudi Arabia and other top producers

Oil prices rose for a fourth day as fears over Russian supply disruption outweighed the impact of COVID-19 lockdowns in China, the world’s biggest crude importer

Shell tightened its restrictions on buying Russian oil, saying it will no longer accept refined products with any Russian content, including blended fuels

OPEC told the International Monetary Fund’s steering committee that the surge in oil prices was largely due to the Ukraine crisis, in the latest signal that the producer group would not take further action to add supply

U.S. crude stockpiles fell sharply last week due to a surge in exports to a more than a two-year high, while production neared pre-pandemic levels, the Energy Information Administration said

Oil costs had been down practically 5% in unstable buying and selling on demand considerations after the Worldwide Financial Fund (IMF) reduce its financial progress forecasts and warned of upper inflation.

Oil prices climbed as Russian oil and gas condensate production fell to 2020 lowsand OPEC warned it would be impossible to replace potential supply losses from Russia