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Oil rose $2 a barrel on Monday as the prospect of even tighter supplies loomed over the market as the Group of Seven nations promised to tighten the squeeze on Russian President Vladimir Putin's war chest, while actually lowering energy prices. Also, G7 should consider negotiations with the oil exporting nations of Iran and Venezuela due to the fact they both have been facing sanctions which affected their oil exportation techniques.

Oil prices edge higher ahead of G7 talks on new Russian sanctions |

Oil rose $2 a barrel on Monday as the prospect of even tighter supplies loomed over the market as the Group of Seven nations promised to tighten the squeeze on Russian President Vladimir Putin’s war chest, while actually lowering energy prices. Also, G7 should consider negotiations with the oil exporting nations of Iran and Venezuela due to the fact they both have been facing sanctions which affected their oil exportation techniques.

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