Oil Prices Fall More Than 3% As G7 Discusses Price Cap For Russian Crude

Oil is down over 3.2% on Thursday, while a pending G7 deal to cap Russian oil prices being discussed Friday could reverse that trend with Moscow now stating that it will retaliate by refusing to sell oil.   Russia has finally come out and openly declared that price caps on its oil would be costly to energy markets.  In a Thursday statement carried on Kommersant.ru, Russia said it would not supply oil to countries that decide to impose a price cap on its oil.  Deputy Prime Minister Alexander Novak has termed the idea of the G7…