- Oil and equity futures were down Monday morning following reports of new sanctions on Russian oil & gas exports
- G7 countries pledged to ban Russian oil imports on Sunday
- A conference of the EU's 27 ambassadors on a ban on Russian oil imports ended without agreement yesterday, with Hungary still opposed to the plan
- USD hit a fresh two-decade high making crude more expensive for holders of other currencies
- Saudi Arabia, the world's biggest oil exporter, cuts June oil prices by almost $5/Bbl from record highs for Asia and Europe
- Arab Light crude grade for June's shipments to Asia dropped to $4.40 a barrel from $9.35 in May
- COVID-19 lockdowns in China have persisted and weighed on crude demand on top of uncertainty regarding Russian supplies
- China's oil imports are rising on increased tanker supply from Russia
- China's crude imports are at a 3-month high
- The nation received 10.51 million barrels a day, of crude last month up 4% from March (BBG)