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Business Maverick: Oil swings as traders weigh up G7 crude ban, Saudi price cuts

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German Chancellor Olaf Scholz defended his government’s efforts to support Ukraine in a bid to revive his flagging popularity after voters delivered a bruising defeat for his party. The fallout of a disjointed approach to the conflict became clear on ...

West Texas Intermediate traded near $110 a barrel after earlier losing as much as 1.7%. The leaders of the most-industrialized countries made the vow in response to President Vladimir Putin’s war in Ukraine after holding a video call with Ukraine President Volodymyr Zelenskiy on Sunday. A similar plan by the European Union, or EU, has yet to be agreed as some members object.Saudi Arabia cut prices for buyers in Asia as coronavirus lockdowns in China weigh on consumption in the top importer.

“Expect some pullback in prices as the EU struggles to get unanimity on a Russian oil ban,” said Vandana Hari, founder of oil analysis firm Vanda Insights. The downside may be limited, however, as the bloc continues with its efforts to reach consensus, keeping the market on tenterhooks, she added.WTI for June delivery added 0.3% to $110.10 a barrel on the New York Mercantile Exchange at 11:07 a.m. in Singapore.

Source: News Formal (newsformal.com)

 

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