WTI battles $110 as G7 agrees to explore a price cap for Russian oil

Market news

28 June 2022

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.

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