Oil costs rise with fresh G7 penalties on Russia| MENAFN.COM

Thursday, 18 August 2022 11:24 GMT

Oil costs rise with fresh G7 penalties on Russia


(MENAFN) Tuesday saw a spike in oil costs as a result of potential G7 penalties on Russia, including a price ceiling on oil shipments.

At 06:40 GMT, international benchmark Brent crude was exchanging at USD112.62 a barrel, up 1.48 percent from the prior session's ending cost of USD110.98 per barrel.

American benchmark West Texas Intermediate (WTI), which completed the prior session at USD109.57 a barrel, was exchanging at USD111.15 a barrel at the same time, up 1.44 percent.

On Monday, the United States and European Union decided to expand their collaboration on energy security with the ultimate objective of further lowering Russia's income from oil and gas.

To combat inflation and lessen reliance on Russian supply, the G7 leaders are debating a price ceiling 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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