US Treasury Official: Discussions on with Russian oil price cap coalition partners to set price cap level

Dhwani Mehta FXStreet

An official at the US Treasury Department said on Friday, “Treasury is continuing discussions with Russian oil price cap coalition partners to set the price cap level.”

Additional quotes

G20 to discuss weakening global economy, spillovers from domestic economic policies, debt restructuring and food security.

The US is not pressuring India to reduce Russian oil imports, India will benefit from lower prices due to cap.

US Treasury Secretary Janet Yellen to travel to India, G20 summit in Bali next week.

Yellen to seek to deepen US-India economic ties, discuss India's G20 presidency for 2023.

Asked if Yellen will meet Chinese counterpart in Bali, official said Treasury has no specific meetings to announce but will engage with Chinese authorities going forward.

Market reaction

WTI pays little heed to the above headlines, consolidating the renewed upside below $90. The black gold was last seen trading at $89.56, up 2.52% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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