Russia’s Oil Production Is Limited by The World’s Richest Nations With Brent Crude At $95 Per Barrel.
The black viscous hydrocarbon prices increased as traders anticipated that OPEC+ would discuss output cuts at their meeting on September 5. However, worries over the U.S, Europe, Japan, and Canada capping Russia’s oil and the state of the world economy also hung over the market.
The price of Brent crude futures increased by 66 cents to reach $93 per barrel; while the price of WTI crude futures in the United States increased by 26 cents to reach $87 per barrel.
The day before, both benchmarks dropped 3% to two-week lows. WTI saw a weekly decline of 6.7% while Brent fell 7.9%.
it can be seen that U.S. crude futures exceeded last week’s high before declining and closing below it.
The G7 finance ministers agreed to place a price ceiling on Russian oil but they offered few new specifics about the strategy; to limit funding for Moscow’s conflict in Ukraine while maintaining crude flow to prevent price rises.