(MENAFN) Oil costs rose on Thursday as conflicts among the EU and Russia worsen, as the EU and G7 countries prepare for a price cap on Russian oil.
Global main Brent crude exchanged at USD88.25 a barrel at 09.37 AM regional time (0637 GMT) for a 0.28 percent earn from the ending price of USD88 per barrel in the prior exchange session.
American main West Texas Intermediate (WTI) stood at USD82.28 a barrel at the same time for a 0.41 percent rise following the prior session ended at USD81.94 per barrel.
G7 finance ministers declared a strategy to confirm a price cap on Russian oil after a gathering in Germany last week.
In response to the G7 and EU strategy, Russian leader Vladimir Putin stated that "we will not send anything, oil, natural gas or coal if it goes against our contracts and interests."
Russian Deputy Premier Aleksandr Novak also spoke that they would not trade oil as well as petroleum output to nations and firms that back the application of applying a price cap for Russian oil.
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