WTI battles $110 as G7 agrees to explore a price cap for Russian oil
|The Group of Seven (G7) leaders reached a deal to explore a price cap on Russian oil, Reuters reports, having read the G7 communique.
“G7 leaders have agreed to study placing global price caps on imports of Russian energy to curb Moscow's ability to fund its invasion of Ukraine and to contribute up to $5 billion to address global food insecurity,” per Reuters.
Elsewhere, the Iranian Oil Minister was reported as saying that “the unjust embargo on Iran is one of the main reasons for threatening global energy security.”
Market reaction
The staggering WTI rally lost its traction on the G7 communique, with the price falling back to test the $110 mark.
At the time of writing, the US oil is trading at $109.97, still up 1.12% on the day. The black gold hit the highest level in five days at $110.43 in early European trading.
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