WTI Oil Climbs 4% Toward 4-Week-High

Oil prices are posting some of their biggest gains in the past month, with WTI up 4.1% at $91.84 a barrel and the global benchmark Brent jumping 3.5% to $98.02. “Crude oil is up as the G7 will set a cap on Russian oil that could very well backfire in the months ahead,” says Spartan Capital’s Peter Cardillo in a morning note. “In fact, it’s somewhat similar to the Nixon’s price control on prices and wages which were intended to address the domestic problem of inflation which failed.” Traders say the ending of Washington’s strategic reserves sales is also buoying prices as that’s likely to lead to large weekly commercial US inventory draws over the coming months.