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EU Likely To Approve G-7 Cap On Russia Oil In Two Steps

OIL
  • The WSJ reports the EU is “advancing work on a price cap for Russian oil under an approach that keeps the U.S.-led effort on track, but holds off on final approval. EU member states are near to agreeing on a two-stage approach to the international price cap on Russian oil, which is being developed within the G7”.
  • “EU officials are preparing legislation needed to implement the measure, but are likely to hold off approving it until the rest of the G-7 is ready, diplomats and officials said”.
  • Brent dips ~30 cents lower on the headlines before quickly retracing the move to $91.8, close to earlier session highs of $92.4 for strong 3.3% gains on the day ahead of potentially sizeable OPEC+ cuts tomorrow.
Energy BulletsCommodities
Energy BulletsCommodities

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