Oil Gains Momentum as China's Demand Outlook Improves

Oil prices are steadily increasing, with this week's momentum bolstered by drone strikes on Russian refineries in Ukraine. - Prices of medium sour grades produced in the US Gulf of Mexico, most notably Mars, have shot up as US energy officials reiterated their plans to keep on replenishing SPR barrels over the summer months, with Mars now trading at a $0.90 per barrel premium to WTI.- The announced plans of the Biden administration to keep on buying as long as oil stays at $79 per barrel or below might run into difficulties as front-month…