7/25, 6:03 PM (Source: TeleTrader)
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Oil prices turn to gains, WTI up over 1.5%

The prices of oil futures turned to gains on Monday in a volatile session, as the continuing war in Ukraine possibly raised concerns over the supply of crude, with Russia still trying to fend off the growing sanctions imposed by the West.

The US previously noted that it will be discussing the price cap on Russian oil with European officials, at this week's meetings in Paris and Brussels. In addition, the energy crisis in Europe continues to intensify, as Gazprom announced another reduction in gas supply starting July 27.

West Texas Intermediate (WTI) for settlements in September jumped 1.87% going to $96.45 per barrel at 11:50 am ET, while Brent for the same month's deliveries increased 1.81% to sell for $105.08 per barrel at the same time.

Baha Breaking News (BBN) / AY