Crude oil prices rose by roughly a percent on Friday morning on news that Russia was considering a production cut. Brent crude oil prices rose by 0.85% on Friday morning to $76.80 at 10:20 a.m. ET, after Russian President Vladimir Putin succinctly referred to the West’s price cap as “stupid”, threatening to cut oil production in retaliation.
President Putin also reiterated that it could refuse to sell oil to any country that participates in the G7’s “stupid” price cap. "As for our reaction, I have already said…Russia Balks At “Stupid” Oil Price Cap, Mulls Production Cut
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