Price of oil

Capping the price of Russian oil, an approach G7 members said Friday they want to pursue "urgently," would be an unprecedented move and one which some analysts say could backfire.        

Sharp price increases in Europe and around the world compared to a year ago

Oil fell in early European trading by nearly 2% amid fears of a global economic slowdown and even the risk of an impending recession, which would worsen the outlook for demand for the important energy raw material.

Europe faces a growing risk of recession due to rising oil and gas prices amid fears that Russia could cut off supplies altogether, economists have warned, cited by the Guardian.

G-7 leaders have agreed to explore the possibility of setting price caps on Russian oil and gas imports to try to limit Moscow's ability to fund its invasion of Ukraine, Reuters reported.

Oil futures fell more than 5% on Wednesday to more than 5% against one-month price lows amid growing fears that the Fed's and other central banks' interest rate-raising policies in a bid to fight record inflation will slow economic growth and it even risks provoking a recession, which in turn reduces the demand for important energy raw materials.

World markets are expecting an "insanely difficult" summer due to the partial embargo of the European Union on Russian oil, Business Insider reports, citing analyst Victor Chatenay.

According to him, the only hope for lower resource prices will be "insanely" high interest rates on loans.

The Russian invasion of Ukraine and the war that has been ongoing for four months now - triggering Western sanctions against Moscow and Vladimir Putin's games with natural gas and crude oil - creates complex economic conditions globally and especially in Europe, which has faced very serious repercussions.

Oil prices continue to rise today after Saudi Arabia raised the prices of its supplies for July and made it clear that the market remains tense despite last week's agreement with OPEC + countries to increase production by more than previously agreed, Reuters reported, quoted by BTA.

Brent spot prices were approaching $120 earlier today on news that the EU managed to agree on an immediate embargo on 2/3 of oil imports from Russia. We saw Oil trading above current levels for just a couple of days in March.