- Oil prices rose slightly, reversing a significant weekly decline
- WTI rose above $89 following an almost 11% decline this week
- WTI recovered some losses amid reports of the G-7 nations agreeing to a price cap on Russian oil
- The G-7 agreed to set a price cap for Russian crude exports, a move the U.S. thinks will reduce pressure on the energy market and reduce Moscow's revenues (NY Times, BBG)
- The group's finance ministers said that they were finalizing the plan's details, which must be implemented by early December
- "We commit to urgently work on the finalization and implementation of this measure," G-7 finance ministers said in a statement, without specifying the cap level
- Meanwhile, Dmitry Peskov, the Kremlin's press secretary, told reporters on a conference call that Russia won't supply oil to countries who support a price cap on its oil
- "We simply won't interact with them on such non-market principles," he said
- He added that markets for Russian oil would be found in countries that operate on market principles
- Iran announced that it had sent a "constructive" response to the final draft of the nuclear deal to the Biden administration on Thursday (BBG)
- The White House countered by stating Tehran's response was "not constructive" at all, raising questions about whether the two sides could strike a deal that would release more oil for global markets
- "We are studying it and will respond through the EU, but unfortunately, it is not constructive," said Vedant Patel, a U.S. State Department spokesperson