US Official: G7 actually working on exact system to carry out cost cap on Russian oil

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With the G7 Summit in progress, a US official said on Monday that the G7 is near setting a worldwide cost cap for Russian oil.

Additional comments

“To give facilitated advances tomorrow to raise tension on Russia.”

“Focusing on administrations for shipping Russian oil is a ‘promising road’.”

“US will force higher taxes on Russian products worth about $2.3 billion.”

In the mean time, Javier Blas, Energy and products editorialist at Bloomberg, tweeted out, “from what I hear from authorities on the ground, the G7 is not going to settle on an oil cost cap at this gathering, however it will concur this a course it needs to push forward, and will look for additional discussions to non-G7 countries to check whether it very well may be tried.”

Market reaction

WTI is protecting minor additions around $106.50, having hit day to day highs at $107.24 prior in the day.

About the author

Nafees Saifi // entrepreneur, author, trainer, and stocks and FX trader. 
Nafees Saifi is a professional FX trader from, India. Nafees has extensive experience trading commodities, bonds, and equity futures in the Asian, European, and US markets. Nafees holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.


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