Oil Prices Slide As EU Leaders Discuss Price Cap On Russian Crude

Oil prices fell overnight as the debacle of the Russian Oil Price Cap scheme continues in Europe. The biggest news is that the EU ambassadors are considering setting the Russian oil price cap at between $65 and $70 (which is around the level Russian crude currently trades at). “A $65-$70 price cap on Russian oil would not mean that much considering the discount Urals is currently selling at,” said Ole Hansen, head of commodities strategy at Saxo Bank. “The market is struggling to make its mind up given the multiple uncertainties…