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Oil prices stubborn and holding market up

Close price: We saw modest gains through yesterday, with Brent trading up to $114/barrel with an expected EU ban on Russian oil to be delivered. This helped lift further dated contracts up.

Opening price: UK system is well supplied and demand is lower, helping to move prices on the prompt downwards. Crude oil prices remain strong. Support comes from the continued possibility of an EU embargo on Russian oil and a larger than projected decrease in US inventories.