Oil prices were higher today as the G7 plans to implement a price cap on Russian oil, shaking off weaker demand implications. The Biden administration has released more crude from the strategic petroleum (midterm) reserves, falling by 8.4MM/bbls to the lowest level since 1984. The Biden admin is weighing further releases after the current program ends in October. “The lingering presence of headwinds from China’s renewed virus restrictions and further moderation in global economic activities could still draw some reservations over a more sustained upside,” said Jun Rong Yeap, market strategist at IG. WTI traded up $.99 or 1.1% to close at $87.78. Brent traded up $1.16 or 1.3% to close at $94.00.