Russia’s Flagship Crude Oil Falls Below the $60 Price Cap

The price of Russia’s flagship crude, Urals, has dropped below the $60 per barrel price cap for the first time in months amid plunging international benchmarks. The price of Urals crude loaded from Russia’s Baltic Sea port of Primorsk fell to $56.15 a barrel, while the price of Urals at the Novorossiysk port in the Black Sea slumped to $56.55, Bloomberg reported on Thursday citing data from Argus Media. The data is used to inform G-7 policy on the price cap.  Brent Crude prices fell below $75 per barrel on Wednesday, settling at…