Group of Seven (G7) finance ministers will hold talks on Friday to discuss allowing global purchases of Russian oil at a capped price, per Bloomberg.

A US official said, “Treasury Secretary Janet Yellen and her counterparts will discuss the measure further in a session on Friday.”

Although It’s not clear what the price cap would be or which countries would join the effort.

Meanwhile, European Commission President Ursula von der Leyen said that Brussels will outline ideas for energy price caps on 14 September.

Market reaction

WTI is little affected by these above headlines, keeping its recovery mode intact. The US oil was last seen trading at $87.70, down 1% on a daily basis.