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BREAKING: Oil jumps as west plans to introduce price cap on Russian oil

5:59 PM 22 November 2022

Oil prices rose around 2.0% on Tuesday as WSJ reported that the G7 and the EU plan to introduce a cap on Russian oil prices tomorrow, in order to punish the Kremlin for its invasion of Ukraine. The price could oscillate in the region from $60 per barrel to $70 per barrel. Nevertheless disputes between EU members could still prevent approval.

OIL.WTI managed to break above local resistance at $81.20, which is marked with previous price reactions and if current sentiment prevails, buyers may test major resistance at $83.30. Source: xStation5

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