Oil erased a decline after Russian President Vladimir Putin underlined that his country won’t supply oil and fuel if price caps on the country’s exports are introduced. West Texas Intermediate crude wiped out a retreat of as much as 2.1% to trade higher. Putin’s comments follow the Group of Seven most industrialized countries agreeing to back an oil price cap for global purchases of Russian oil. It remains unclear how many countries have signed up to put limits on Russia. Earlier in the session, crude fell to its lowest level since January, as a surge in the dollar weighed on risk assets from equities to commodities. The currency’s ascent makes oil more expensive for buyers outside the US. “With multiple uncertainties on both the supply and demand side it is what we should expect for the foreseeable future,” said Ole Hansen, head of commodities strategy at Saxo Bank. “A […]