Germany Oil Exports

Germany on Wednesday shrugged off Russia's ban on oil sales to countries and companies that comply with a price cap agreed by Western allies, saying it has "no practical significance".

The leaders of Britain, France, Germany and the United States will hold four-way talks Tuesday on Iran's nuclear programme, the French presidency said, with Tehran's oil exports as one of the issues to be raised.

German Economy Minister Robert Habeck said on Wednesday that a gradual EU ban on Russian oil imports could lead to supply "disruptions" and price increases but backed the measure as necessary step to sanction Moscow.

Gains are likely to be capped after a week of data releases including a surprise drop in industrial output growth in China to a more than 17-year low, along with a fall in exports that sent Germany's economy into reverse in the second quarter.

The gloom was seen overshadowing European bourses as well, with financial spread betters predicting Britain's FTSE 100 to open down around 0.2 per cent, Germany's DAX off 0.3 per cent, and France's CAC 40 to open 0.4 per cent lower.

The dollar eased, helping to push oil prices higher on Wednesday, in a lackluster session that was mostly on hold ahead of the release of minutes from a Federal Reserve meeting of policy-makers in June.

Germany on Wednesday shrugged off Russia's ban on oil sales to countries and companies that comply with a price cap agreed by Western allies, saying it has "no practical significance".

The leaders of Britain, France, Germany and the United States will hold four-way talks Tuesday on Iran's nuclear programme, the French presidency said, with Tehran's oil exports as one of the issues to be raised.

German Economy Minister Robert Habeck said on Wednesday that a gradual EU ban on Russian oil imports could lead to supply "disruptions" and price increases but backed the measure as necessary step to sanction Moscow.

Gains are likely to be capped after a week of data releases including a surprise drop in industrial output growth in China to a more than 17-year low, along with a fall in exports that sent Germany's economy into reverse in the second quarter.

The gloom was seen overshadowing European bourses as well, with financial spread betters predicting Britain's FTSE 100 to open down around 0.2 per cent, Germany's DAX off 0.3 per cent, and France's CAC 40 to open 0.4 per cent lower.

The dollar eased, helping to push oil prices higher on Wednesday, in a lackluster session that was mostly on hold ahead of the release of minutes from a Federal Reserve meeting of policy-makers in June.