The EU announced tougher sanctions against Russia, lowering the oil price cap for Russian crude from US$60/bbl to US$47.60/bbl. The import ban on refined oil products from Russian oil in third countries could tighten the European middle distillates market. US oil rig count fell by two to 422, marking the 12th consecutive week of declines.

Orders for LME lead jumped by 35,225 tonnes, the biggest increase since June. LME lead prices rose over 1.8% following the surge in orders. SHFE data showed a rise in weekly inventories for all base metals. Chinese grain imports fell significantly in June and the first half of the year.

Chinese corn imports are expected to plummet to 7mt this year, less than half of the previous season. Speculators increased their net shorts in CBOT wheat by 4,893 lots, while net speculative short position in CBOT soybeans rose by 26,062 lots. Net speculative short position in CBOT corn fell by 29,106 lots for a second consecutive week.

Read more at Investing.com: Oil Shrugs Off Latest EU Sanctions on Russian Energy