Oil rises more than one percent after G7 ‘price cap’ announcement

MOSCOW, Sep 2 — PRIME. World oil prices on Friday evening are rising by more than 1% after the confirmation of the G7 plan to introduce a “price limit” on Russian oil, follows from the trading data.

As of 20.07 Moscow time, the price of November futures for Brent crude oil is growing by 1.21%, to $93.48 per barrel, October futures for WTI – by 0.83%, to $87.33.

Earlier on Friday, the G7 finance ministers confirmed a plan to introduce a “price cap” on “black gold” shipped from Russia to Europe, and called on all countries to join this initiative. The news fuels investors’ fears about the lack of oil supply on the market and supports price growth.

Also earlier on Friday, Baker Hughes, an American oilfield service company, published data on the number of operating oil rigs in the United States. In the week to September 2, their number decreased by 9 to 596 units.