Oil costs increase with potential cost restriction on Russian oil
(MENAFN) As stockholders eagerly watched the G7 summit for decisions on Russian oil supplies and a resumption of the Iran nuclear deal, oil costs rose on Monday.
At 07:20 GMT, international benchmark Brent crude was exchanging at USD109.57 a barrel, up 0.43 percent from the prior session's ending cost of USD109.1 per barrel.
American benchmark West Texas Intermediate (WTI), which completed the prior session at USD107.62 per barrel, was exchanging at USD108.02 a barrel at the same time, up 0.37 percent.
Oil costs are rising owing to concern over lost Russian oil output as a result of penalties as well as fear about weaker demand due to an international economic downturn.
To combat inflation and lessen reliance on Russia, the G7 leaders on Sunday considered placing a cost restriction on Russian oil.
By placing a cap on the cost Russia may charge for its oil, Western nations want to limit Moscow's income while also enabling more oil to enter the market globally.
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