Russian Urals Breaks Past $60 Price Cap Thanks To OPEC+ ...Middle East

Following the weekend’s surprise OPEC+ 1.6 million bpd output cut, the price of Urals, Russia’s flagship crude oil, has reached beyond the $60 per barrel price cap level set by the G7 in December, Reuters reports, citing sources involved in Russian oil trading. Based on the G7 price cap, Urals can only be traded in US dollars if sold below $60 per barrel. Oil traders told Reuters that because there is a period of time during which cargoes are priced, it is still possible to close below $60, depending on deal timing.  Also on Wednesday,…

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