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Why oil is downG7 nations are looking at a price cap on Russian seaborne oil in the range of $65-70/bbl, according to a European official on Wednesday. Meanwhile, Urals crude delivered to northwest Europe is trading around $62-$63/bbl, although it is higher in the Mediterranean at around $68/bbl, according to Refinitiv data. ======================================================================= So if the "price cap" is higher than what Russia is getting now, that isn't much of a penalty for them, and won't stop Russia from exporting. |
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