G-7 Leaders Commit to Banning Imports of Oil From Russia Oil dipped as investors weighed a pledge by the Group of Seven nations to ban imports of Russian supplies against a cut in official prices by Saudi Arabia and the impact of China’s disruptive lockdowns. West Texas Intermediate traded below $109 a barrel, after earlier swinging between a gain of 0.7% and losing as much as 1.7%. The leaders of the most-industrialized countries made the vow on axing imports from Russia in response to President Vladimir Putin’s war in Ukraine. A similar plan by the European Union, or EU, has yet to be finalized amid objections from Hungary. Saudi Arabia cut prices for buyers in Asia as coronavirus lockdowns in China weigh on consumption in the top importer. State-controlled Saudi Aramco lowered prices for the first time in four months, dropping its key Arab Light grade for next month’s […]