Brent holds at $113 as investors tune in to G7 summit

Oil drilling rigs

Brent crude was steady at $113 a barrel today, June 27, as investors watched for any moves against Russian oil and gas exports during the meeting of the Group of Seven (G7) nations in Germany.

G7 leaders, who began their meeting on June 26, are expected to discuss options for tackling rising energy prices. These measures include a possible price cap on Russian oil exports to reduce Moscow's revenues while limiting damage to other economies.

G7 leaders were also expected discuss a revival of the Iran nuclear deal, which might lead to more Iranian oil exports.

Meanwhile, oil production in Ecuador -- a former OPEC member -- is under pressure due to the worsening unrest and protests inside the country, which prompted the government to announce that oil production is likely to stop completely within 48 hours if sabotage, seizing wells and road closures continue.

In terms of trading, international benchmark Brent crude was holding at $113.09 per barrel, at 9:14 am Makkah time.

West Texas Intermediate (WTI) crude declined 0.16% to $107.45 a barrel.