There was some speculation on Friday that Russia may offer up its official response to the G7 oil price cap on the weekend after Putin said it was coming in 'days' but the wait will have to continue.
In any case, crude has opened the week $1 higher with Brent at $77.11 and WTI at $71.98. Some help came from further China reopening and Saudi Arabia's foreign minister saying that the best way to ensure sufficient investment and capacity is fair prices for consumers and producers.
That's not exactly hitting the panic button or tipping any kind of a move but at least it's something. If there are rumors of OPEC action, expect a much larger oil market reaction because the Oct rumors turned into a 2mbpd cut in short order.
For me, the larger part of today's move is likely to do with oversold conditions and the late $1.50 rally on Friday extending, though I wouldn't put much stock in an opening gap in oil.
