Commodities

G7 leaders agreed to consider a ban on the transport of Russian oil being sold above a certain price, according to part of the final statement seen by Reuters. “We invite all like-minded countries to consider joining us in what we are doing,” the G7 leaders said.

Oil prices rose for a third day in a row on Tuesday as major producers such as Saudi Arabia and the United Arab Emirates seem unlikely to be able to increase production significantly, while political turmoil in Libya and Ecuador heightened supply concerns. The price of US West Texas Intermediate …

Gold advanced at the beginning of the day, but finishes it in the red at around $1,824.00 per ounce. WTI, records a solid bounce after testing the 100-EMA on the downside near $105.88 a barrel near the daily low and got bolstered late, as OPEC+ cuts 2022 market surplus from …

Gold is under pressure despite the weaker the US dollar. At $1,823, gold price is down by 0.23% while the US dollar is also underwater, currently down by 0.18%. The US dollar has struggled versus its major rivals at the start of the week due to expectations concerning inflation which …

G7 members are planning to ban imports of Russian gold in order to tighten the sanctions squeeze on Moscow. However, the precious metal is expected to ignore these news headlines according to TD Securities’ experts and economists.Key Quotes“G-7 ban on new Russian gold imports isn’t expected to impact gold trading …

The US crude oil extends its gains to two consecutive days, though it faces solid resistance at the 50-EMA, around $110.33.Western Texas Intermediate records a solid bounce after testing the 100-EMA on the downside near $105.88 a barrel near the daily low and got bolstered late, as OPEC+ has cut …

Producer group OPEC+ trimmed its projected 2022 oil market surplus to 1 million barrels per day, down from 1.4 million bpd previously, a report said on Monday. The said report was prepared for the group’s upcoming meeting of the OPEC+ Joint Technical Committee scheduled to take place on Tuesday.As for …

With the G7 Summit underway, a US official said on Monday that the G7 is close to setting a global price cap for Russian oil. According to Reuters. “To issue coordinated steps tomorrow to raise pressure on Russia.”“Targeting services for transporting Russian oil is a ‘promising avenue’.”“US will impose higher …

Some Russian bondholders told Reuters they were not getting the $100 million interest they were supposed to receive after the day. For many bondholders, failure to pay on time amounts to a debt default. The Kremlin has repeatedly emphasized the idea that Russia will not default, but that sanctions against …

Oil prices extended gains on Monday as investors awaited any moves against Russian oil and gas exports that might be taken during the Group of Seven leaders meeting in Germany. There is a looming prospect of tighter market supplies as Western governments seek ways to reduce Russia’s ability to finance …