Russia Hurting, but Oil Remains Supportive

June 28, 2022--Researched by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Crude oil prices on Monday were in a holding pattern as the G7 mulled its next steps in pressuring Russia, which may be set to default on its foreign debt for the first time in more than a century.

The invasion of Ukraine and the resulting shakeup of the geopolitical order are at the top of the agenda for both meetings. Already, the G7 moved to ban imports of Russian gold in an effort to curb what goes into the Kremlin's war chest.

Leaders from the Group of Seven nations--Britain, Canada, France, Germany, Italy, Japan and the U.S.--are in the Bavarian Alps for their regular summit. Western allies will meet again later in the week for a NATO summit.