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Oil extends gains as major producers flag capacity limits
Reuters
Oil extends gains as major producers flag capacity limits
Mon, June 27, 2022, 8:48 PM
By Ron Bousso
LONDON (Reuters) -Oil prices rallied for a third day on Tuesday as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly while Western governments agreed to explore ways to cap the price of Russian oil.
Brent crude futures climbed by $1.98, or 1.72%, to $117.02 a barrel by 1153 GMT, adding to the previous session's 1.7% gain. ... U.S. West Texas Intermediate (WTI) crude futures rose $1.65, or 1.5%, to $111.22, extending the previous session's 1.8% advance.
Leaders of the G7 group of wealthy nations said they will explore a potential ban on transporting Russian oil that has been sold above a certain price as they seek to step up pressure on Moscow over its invasion of Ukraine.
Russian oil export revenue climbed in May even as volumes fell, the International Energy Agency said in its June report.
{snip}
Oil extends gains as major producers flag capacity limits
Mon, June 27, 2022, 8:48 PM
By Ron Bousso
LONDON (Reuters) -Oil prices rallied for a third day on Tuesday as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly while Western governments agreed to explore ways to cap the price of Russian oil.
Brent crude futures climbed by $1.98, or 1.72%, to $117.02 a barrel by 1153 GMT, adding to the previous session's 1.7% gain. ... U.S. West Texas Intermediate (WTI) crude futures rose $1.65, or 1.5%, to $111.22, extending the previous session's 1.8% advance.
Leaders of the G7 group of wealthy nations said they will explore a potential ban on transporting Russian oil that has been sold above a certain price as they seek to step up pressure on Moscow over its invasion of Ukraine.
Russian oil export revenue climbed in May even as volumes fell, the International Energy Agency said in its June report.
{snip}