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Russian Oil Is Trading Closer to $100 Than the G-7’s Price Cap
Russian oil is continuing to rise, defying an increasingly redundant price cap put in place by the Group of Seven and its allies. Crude from the country’s western ports has rallied along with headline futures in recent days, Argus Media Ltd. data show. Russia’s flagship Urals grade is trading at $85.35 a barrel from the Baltic port of Primorsk and $86 from the Black Sea port of Novorossiysk. G-7 officials have been long indicating that they have no intention of revisiting the cap for the time being, despite spot prices surging far above the threshold for Russian exports, which is $60 a barrel when Western ... (full story)