(Bloomberg) -- Oil rose as Russia’s president said the country may cut production in response to the G-7 cap on the price of its crude.

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West Texas Intermediate futures climbed above $72 on Friday, rising as much as 2%. President Vladimir Putin said a decision on Russia’s response to the price cap will be made in the next several days, according to comments broadcast on state Rossiya 24 TV.

The US benchmark — along with Brent crude — has recently given up all of its gains for the year and is still down about 9% this week. The market is also facing a persistent lack of liquidity that has left prices prone to large swings, and and price volatility was bolstered Friday as US inflation data was stronger than expected.

Meanwhile, the shutdown of the Keystone pipeline after a spill has roiled the flow of crude across the US, but traders are betting that at least one segment of the conduit will restart soon.

“The oil market retracement is, in our opinion, a function of paper markets selling into low liquidity air pockets,” RBC Capital Markets analysts Michael Tran and Helima Croft said in a report.

Crude is on track for its first back-to-back quarterly decline since mid-2019 on a souring economic outlook as central banks tighten monetary policy, though Treasury Secretary Janet Yellen still sees the US avoiding a recession. Traders are also assessing the fallout from a price cap on Russian oil, which has led to a jam of tankers in Turkish waters due to a standoff over insurance.

There’s widespread unease among oil-reliant economies over the cap imposed by the Group of Seven nations, according to Oman’s energy minister, who said there’s concern it could extend to other countries.