Bank of England Governor Bailey said energy price increases over the past four months have added some inflationary pressure, and the Bank's duty is to ensure this does not become persistent inflation.

Russian antitrust regulator has asked a large private petrol-station chain in Moscow to explain a 19% rise in 95-octane gasoline prices since last week.

Ceasefire reports between the US and Iran reduced the geopolitical risk premium, knocking international crude lower and deepening China’s negative crude-price adjustment rate. At 24:00 on June 18, national retail price caps were cut by 515 yuan/tonne for gasoline and 495 yuan/tonne for diesel; per-litre cuts: 92# gasoline -0.40 yuan, 95# -0.43 yuan, 0# diesel -0.42 yuan. With global supply rising and oversupply concerns weighing on prices, oil may drift lower near term; a new negative crude adjustment cycle would correspond to a first-day cut of 500 yuan/tonne, next pricing window 24:00 on July 3.