National News Agency – Oil surges amid controversy over Russia’s price cap

NNA – Oil moved higher in early trading, narrowing some of the week’s losses that had been driven by fears of Chinese demand and expectations that the Group of Seven’s proposed high price ceiling for Russian oil will keep supplies flowing .

Brent crude futures rose 13 cents, or 0.2%, to $85.47 a barrel. West Texas Intermediate crude futures rose 35 cents, or 0.5%, from Wednesday’s close, to $78.32 a barrel.

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