Bob Iaccino, Path Trading Partners co-founder, joins Yahoo Finance Live to discuss French President Emmanuel Macron's remarks to President Biden, the outlook for oil and gas prices, demand destruction, and the energy markets.
Oil prices traded higher Tuesday, boosted by hopes of increased Chinese demand as well a further tightening of supply as the G7 seeks to limit Russia’s crude revenue. By 9:25 AM ET (1325 GMT), U.S. crude futures traded 1.1% higher at $110.75 a barrel, while the Brent contract rose 1.4% to $112.50 a barrel. Elsewhere, the Group of Seven economic powers have agreed Tuesday to consider imposing a ban on transporting Russian oil that has been sold above a certain price, attempting to limit the funds Moscow can generate to continue its invasion of Ukraine.
Rebecca Babin, senior energy trader at CIBC Private Wealth, joins Yahoo Finance to discuss the G7 nations' oil price cap proposal, President Biden's visit to Saudi Arabia, and the outlook for gas prices.