Oil settled higher on concerns over supply ahead of winter

International benchmarks for crude oil settled higher on Monday, 12 September 2022 as investors shrugged off the weak demand conditions to focus on the tightening supply outlook ahead of winter. The G7 will implement a price cap on Russian oil to limit the country’s oil export revenue on 5 December, which is expected to curtail supply substantially. 

Brent gained $1.16 or 1.3% to close at $94/barrel. 

WTI added 99 cents or 1.1% to settle at $87.78/barrel.