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Oil closed higher after oil supply is expected to tighten as G7 to tighten sanctions on Russia

Crude futures closed higher Monday (June 27), boosted by forecasts that global oil supplies will be tighter after G7 nations pledged to impose tougher sanctions on Russia to cut a source of revenue for the war in Ukraine.

  • WTI crude futures were up $1.95, or 1.8%, at $109.57 a barrel.
  • BRENT crude futures were up $1.97, or 1.7%, at $115.09 a barrel.

Oil markets continue to be driven by concerns about tight oil supplies. Recently, a senior U.S. government official said the G7 would develop a mechanism to cap Russian oil prices to put pressure on Russia from losing income.

In addition, Ecuador’s Energy Ministry said that Ecuador may have to suspend oil production if indigenous protests and roadblocks continue.

The protests have caused serious damage to Ecuador’s oil industry, including the closure of oil wells in the country.

Investors are waiting for the OPEC and OPEC+ meeting on June 30 after it was decided to increase production by 648,000 barrels per day in July and August.

The EIA office issued a statement saying that the office is still in the process of restoring the storage system. After a technical glitch last week, the weekly oil inventory figures could not be published.

The statement said EIA would accelerate work to resolve the system and provide a report on oil stocks as soon as possible.

The Spot Market is Open

Tuesday, June 28, 2022

Updated at


Crude Oil




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