11/22/2022, 5:39 PM (Source: TeleTrader)
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West to agree on Russian oil price cap on Wednesday - report

The West will likely decide on the level of the price ceiling for Russian oil on November 23, the Wall Street Journal cited people familiar with the matter on Tuesday. The European Union representatives will reportedly meet the following day to reach an agreement on the price limit.

According to the report, the officials will supposedly agree on the price limit setting it at around $60 a barrel before December 5, the date which will put into effect new measures decided by the United States and its allies. The day before, Moscow strongly asserted it would not supply crude oil to countries that impose a price ceiling on its commodity and could instead reduce the production of oil.

Oil prices extended gains following the report, rebounding to last week's levels. WTI futures for deliveries in January gained 2.08% to sell for $81.97 at 1:32 pm ET, while Brent futures for settlements in the same month rose 1.81% to $89.38.

Baha Breaking News (BBN) / AB