Energy traders pushed crude prices higher on Monday following Europe’s embargo of seaborne Russian crude and a price cap by Group of 7 nations went into effect.
Top diplomats from the Group of 7 nations discussed sending more air defense equipment to Ukraine and agreed to coordinate on rebuilding its infrastructure.
Saudi leaders decided earlier this month to join Russia in leading a cartel of oil producers to announce cutting production by two million barrels a day, which could raise prices and help Russia.
Ahead of President Biden’s trip to Saudi Arabia this summer, his administration thought it had secured pledges of increases in oil production throughout the year. The opposite happened.