7/29, 5:14 PM (Source: TeleTrader)
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Oil prices extend gains, WTI soars over 5%

Oil prices continued to increase on Friday as concerns over supply cause uncertainty in the markets ahead of the OPEC+ meeting in the upcoming week which is to determine energy output levels.

Previously, United States Treasury Secretary Janet Yellen stated that imposing a price cap on Russian oil is the "most powerful tool" to address the surging prices of energy costs that have driven global economies into inflation, while Moscow warned that if the cap is imposed, Russia will not sell its oil to global markets.

West Texas Intermediate (WTI) for settlements in September soared by 5.43% at 11:10 am ET, selling at $101.50 per barrel. At the same time, Brent for the same month's deliveries increased by 3.11%, going for $110.47.

Baha Breaking News (BBN) / AB