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Russia’s Flagship Oil Dips Back Below $60 a Barrel Price Cap
Russia’s flagship Urals crude slumped back below a price cap that Group of Seven countries imposed in an attempt to cut Moscow’s access to petrodollars to fund its war in Ukraine. The grade fell to $58.59 a barrel at the Baltic Sea port of Primorsk, and $59.09 at Novorossiysk in the Black Sea, according to data provided by Argus Media. The price reporting agency’s figures form part of price-cap setting deliberations. Urals climbed above the $60-a-barrel threshold for the first time last week. That was important because the cap prohibits Western firms from providing key services including shipping and insurance ... (full story)