West Texas Intermediate (WTI) crude futures continued to trend lower on Wednesday, currently trading at around $83 a barrel as Russian President Vladimir Putin threatened to slash energy supplies if Western countries imposed price caps on Russia's oil and gas exports. He termed the move to impose price caps on Russian gas as "stupid." Putin was speaking at an economic forum in Vladivostok on Wednesday. Moreover, the Russian President said that Russia will walk away from its supply contracts with the West if such a move took place. Putin commented, "Will there be any political decisions that contradict the contracts? Yes, we just won't fulfil them.
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