Oil Rises on Supply Fears, G-7 Plan for Russian Crude Price Cap
- Group of Seven leaders to commit indefinite support to Ukraine
- WTI is headed for its first monthly decline since November
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Oil climbed as investors monitored developments from the gathering of Group of Seven leaders, and two supplier countries flagged potential output cuts due to political unrest.
West Texas Intermediate rose to settle above $109 a barrel in a choppy session on Monday. The G-7 is weighing a price cap on Russian crude. Libya’s National Oil Corp. signaled a potential dent in supply due to a worsening political crisis. Ecuador could halt oil production even quicker due to anti-government unrest, the energy ministry there said. Meanwhile, OPEC+ will be meeting this week to discuss production increases.