Russian flagship crude oil dipped again on Friday, serving as a reminder of the challenges facing European Union diplomats haggling over a price level at which to cap Moscow’s exports.
The country’s key Urals grade fell to $51.96 a barrel at the Baltic Sea port of Primorsk, according to data provided by Argus Media Ltd., a publisher of physical commodity prices. It fell by a similar amount, and to a similar level, from Novorossiysk in the Black Sea.
Late last week, EU diplomats were discussing a cap on Russian oil sales in the $65-to-$70-a barrel range. The talks may resume Monday. Any buyer that pays more than the cap wouldn’t be allowed to use European ships or industry-standard European insurance.
