Crude prices rise midweek before easing, Rory Johnston notes

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05.06.2026

Crude prices rise midweek before easing, Rory Johnston notes — Oil ends higher as China imports drop

Rory Johnston reports that crude oil prices rose through Wednesday before pulling back to finish the week only modestly higher.

According to Johnston, negotiations between the U.S. and Iran remain quiet, with the market's attention shifting to China's sharply declining crude imports.

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Earlier this month, Johnston reported the largest weekly pullback in net speculative Brent crude positions since the start of the war, suggesting a possible link to crude price volatility here. He also noted that Chinese refineries have reduced runs due to low margins, even as consumer demand remains steady because of local price caps here. These earlier developments continue to weigh on market sentiment.

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