Russia’s Novak: Russia won’t supply oil under price cap in any case

“Russia won’t supply oil under price cap in any case,” the country’s Deputy Prime Minister Alexander Novak said on Tuesday.

Novak said: “Russia, Kazakhstan and Uzbekistan are discussing gas union for shipments, including to China.”

Market reaction

Novak’s comments join the upbeat market mood, lifting WTI 2.5% to trade at around the $79 mark, at the press time.