Introduction of a price cap for Russian oil discussion by the G7 and the European Union diplomats support the prices of black gold.

German Economy Minister Robert Habeck said that the country has no intention to prevent the European Union (EU) from resolving the energy crisis in the region.

The European Union considers the price cap for Russian oil to be higher than expected. In combination with intensifying signs of a global slowdown

The central bank of Mexico is taking the example from the FRS in its decision on the key rate. On Wednesday, Bank of Mexico board member Jonathan Heath claimed that

The head of the Reserve Bank of New Zealand (RBNZ) said Thursday that interest rates must be raised in order to curb inflation. In this regard, the country may enter recession.

As ECB governing council member Mario Centeno stated in his recent interview with Reuters, the European Central Bank needs to hold back the pace of tightening from next month.

On Thursday, oil prices tumbled following an ease in fears of supply disruption. Investors’ sentiment recovered on the news that the Group of Seven nations (G7) agreed a plan to impose a high price cap on Russian oil.

On Wednesday, the Bank of England announced plans to sell some long-dated and index-linked gilts. These gilts were purchased by the bank in the period from September 28 to October 14 in order to provide stability to the financial markets.

BOE’s Top Economist Huw Pill declared that the bank should increase the interest rate level more. It is necessary to curb the inflationary pressure which becomes more dependent on inner factors.

The U.S. dollar fell significantly on Thursday. This is because investors, convinced of the prospect of slower interest rate hikes by the Fed, began to bet on riskier assets.