Oil traders seek cap as the market tightens

The market is facing supply disruptions from Libya to Ecuador

The European Union's executive commission has proposed phasing out imports of Russian oil. It is part of Europe's struggle to stop paying Russia $850 million a day for energy and hit the Kremlin's finances over its invasion of Ukraine. (AP Photo/Dmitry Lovetsky)

Oil is heading for the first monthly decline since November after being hit by fears of a global economic slowdown, but prices are still up almost 50% this year. 

Global oil markets have tightened after a rebound in economic activity, with Russia’s invasion of Ukraine exacerbating the squeeze by upending trade flows. OPEC+ is expected to rubber-stamp another modest supply increase for August this week, although the cartel has struggled to meet its targets this year.