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.
