Oil Rises on Supply Fears

Oil Rises on Supply Fears

Oil prices were rising in early trading amid market concerns over supply disruptions.

Brent crude was up 0.8% at $76.46 a barrel, while WTI traded 0.9% higher to $72.45 a barrel. Gains are largely driven by fears over Kazakhstan's oil flows following a drone attack against a major pumping station in southern Russia.

Meanwhile, the Group of Seven is reportedly considering tightening the current oil price cap of $60/bbl on Russia in an effort to cut its revenue.