The oil market came under further pressure yet again yesterday. ICE Brent settled more than 3.3% lower on the day to close just above US$85/bbl. The key catalyst for this move was a report that EU members were looking at setting the price cap on Russian crude oil at somewhere between US$65-70/bbl. This is above previous reports of around US$60/bbl. Importantly, this is also around price levels that Russia was already receiving, given the discount with which Urals trade to Brent. Therefore, if we do see the cap set within this range, it would be less likely that Russia reduces supply as a result. At this level, the ... (full story)