With the G7 Summit underway, A US official said on Monday that the G7 is close to setting a global price cap on Russian oil..
Featured Comments
“We will issue coordinated measures tomorrow to increase pressure on Russia.”
“Targeting Russian oil transportation services is a promising avenue.”
“The US will impose higher tariffs on Russian products worth about 2.3 billion dollars“.
Meanwhile, Javier Blas, a columnist for Energy and Commodities at Bloomberg, tweeted: “From what I hear from officials on the ground, the G7 is not going to agree on an oil price cap at this meeting, but it is a direction it wants to push, and will seek further talks with non-G7 nations to see if it can be put into practice.”
market reaction
WTI is defending minor gains around $106.50, having hit daily highs of $107.24 earlier in the day.
Source: Fx Street
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