Oil keeps rising before G7 talks on Russian exports

Singapore — Oil prices extended gains on Monday as investors stood on guard for any moves against Russian oil and gas exports that might come out of a meeting of leaders of the Group of Seven nations meeting in Germany.

But, for now, the pressing supply worries outweigh growing concerns over the potential for a global recession following a string of downbeat US economic data. However, oil prices remained well supported above $100 a barrel while prompt monthly spreads remained wide in backwardation as crude and oil product supplies remained tight. Backwardation occurs when prompt prices are higher than prices for delivery in future months, indicating tight supplies.

“It's unclear whether a price cap will achieve this outcome,” Commonwealth Bank of Australia analyst Vivek Dhar said in a note.

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