Oil prices stabilize after weeks of increase: USA increases pressure on Russian crude oil

Crude oil prices remain stable after a week of gains, as the U.S. tightens its sanctions on Russian oil and Chinese authorities emphasize boosting the country's economy. Brent crude is trading above the $74 per barrel mark after rising nearly five percent last week. West Texas Intermediate (WTI) is near $71. The United States and its allies are considering further lowering the price cap on Russian oil from the current $60 per barrel. The aim of this measure is to further restrict Russia's financial capability for the war in Ukraine. This statement was made by U.S. Treasury Secretary Janet Yellen in an interview with the news agency Reuters.