Oil prices rise with EU-Russia tension over price cap

By Zeynep Beyza Kilic

ANKARA (AA) - Oil prices increased on Thursday as tensions between the EU and Russia escalate, as the EU and G7 countries plan a price cap on Russian oil.

International benchmark Brent crude traded at $88.25 per barrel at 09.37 a.m. local time (0637 GMT) for a 0.28% gain from the closing price of $88 a barrel in the previous trading session.

American benchmark West Texas Intermediate (WTI) was at $82.28 per barrel at the same time for a 0.41% increase after the previous session closed at $81.94 a barrel.

G7 finance ministers announced a plan to finalize a price cap on Russian oil following a meeting in Germany last week.

In reaction to the G7 and EU plan, Russian President Vladimir Putin said, "we will not send anything, oil, natural gas or coal if it goes against our contracts and interests."

Russian Deputy Prime Minister Aleksandr Novak also echoed that they would not sell oil and petroleum products to countries and companies that support the application of ceiling prices for Russian oil.

Meanwhile, investors are focused on weekly oil data from US Energy Information Administration due later in the day.