Commodities and Futures News

Oil Up as G7 Debate Iran Nuclear Deal

2022.06.27 08:02

Oil Up as G7 Debate Iran Nuclear Deal

By Zhang Mengying

Investing.com – Oil was up on Monday morning in Asia as investors looking for more clues from the G7 meeting this week on Russian oil exports and a revival of the Iran nuclear deal.

Brent oil futures inched up 0.06% to $109.16 by 12:56 AM ET (4:56 AM GMT) and crude oil WTI futures stabilized at $107.62. Oil prices remained well supported above $100 a barrel as crude and oil product supplies remained tight after the West posed sanctions on Russian oil.

Leaders of the Group of Seven (G7) are expected to discuss ways to tackle rising energy prices. Measures include a possible price cap on Russian crude and oil products exports, which might curb Russia’s revenue and at the same time reduce the damage to other economies.

“It’s unclear whether a price cap will achieve this outcome,” Commonwealth Bank of Australia (OTC:CMWAY) analyst Vivek Dhar said in a note.

“There’s still nothing stopping Russia from banning oil and refined product exports to G7 economies in response to a price cap, exacerbating shortage conditions in global oil and refined product markets.”

G7 will also discuss the prospect of reviving the Iran nuclear talks after the European Union’s foreign policy chief try to unblock the stalled negotiations, according to Reuters.

“This week, traders’ focus might be on a potential resumed Iran nuclear talk, which could lead to a revival of Iran’s oil exports,” CMC Markets analyst Tina Teng told Reuters.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 97,582.15 1.01%
ethereum
Ethereum (ETH) $ 3,364.24 0.21%
tether
Tether (USDT) $ 1.00 0.06%
solana
Solana (SOL) $ 250.63 2.54%
bnb
BNB (BNB) $ 663.54 0.21%
xrp
XRP (XRP) $ 1.40 8.65%
dogecoin
Dogecoin (DOGE) $ 0.418664 11.69%
usd-coin
USDC (USDC) $ 0.99959 0.04%
cardano
Cardano (ADA) $ 1.03 3.78%
staked-ether
Lido Staked Ether (STETH) $ 3,354.64 0.16%
tron
TRON (TRX) $ 0.210503 2.69%
stellar
Stellar (XLM) $ 0.561425 30.64%
avalanche-2
Avalanche (AVAX) $ 40.83 3.66%
the-open-network
Toncoin (TON) $ 6.14 7.71%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 7.32%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,003.99 0.75%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,270.06 1.14%
polkadot
Polkadot (DOT) $ 8.58 11.48%
chainlink
Chainlink (LINK) $ 16.99 1.44%
bitcoin-cash
Bitcoin Cash (BCH) $ 500.74 5.70%
weth
WETH (WETH) $ 3,372.82 0.39%
sui
Sui (SUI) $ 3.37 6.11%
pepe
Pepe (PEPE) $ 0.00002 8.50%
leo-token
LEO Token (LEO) $ 8.71 1.47%
near
NEAR Protocol (NEAR) $ 6.32 1.64%
litecoin
Litecoin (LTC) $ 97.85 4.40%
uniswap
Uniswap (UNI) $ 10.91 2.92%
aptos
Aptos (APT) $ 12.17 3.20%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,548.20 0.34%
hedera-hashgraph
Hedera (HBAR) $ 0.148372 0.29%
internet-computer
Internet Computer (ICP) $ 11.22 1.35%
usds
USDS (USDS) $ 0.999898 0.10%
crypto-com-chain
Cronos (CRO) $ 0.190673 0.15%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.553818 3.00%
ethereum-classic
Ethereum Classic (ETC) $ 28.55 3.17%
render-token
Render (RENDER) $ 7.79 0.33%
bittensor
Bittensor (TAO) $ 526.51 0.02%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.48 10.80%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.04%
kaspa
Kaspa (KAS) $ 0.149747 4.86%
whitebit
WhiteBIT Coin (WBT) $ 24.56 0.23%
cosmos
Cosmos Hub (ATOM) $ 8.89 14.11%
dai
Dai (DAI) $ 0.998929 0.14%
arbitrum
Arbitrum (ARB) $ 0.843176 2.53%
vechain
VeChain (VET) $ 0.042218 3.06%
bonk
Bonk (BONK) $ 0.000045 12.50%
filecoin
Filecoin (FIL) $ 5.65 9.91%
mantra-dao
MANTRA (OM) $ 3.68 6.09%
okb
OKB (OKB) $ 53.71 5.32%
dogwifcoin
dogwifhat (WIF) $ 3.17 7.52%