Oil prices fell slightly on November 24 morning amid talks on a price cap for Russian oil, Report informs referring to the auction data.
January Brent futures fell $0.29, or 0.34%, to $85.12 a barrel on the London ICE Futures Exchange. Futures for WTI fell in price on the New York Mercantile Exchange (NYMEX) by $0.21 or 0.27%, amounting to $77.73 per barrel.
According to experts, the US and its allied countries are planning to agree on a price cap for Russian oil at about $50-$60 per barrel.
It was expected that a decision could be made as early as November 23, but the EU countries have not yet managed to come to a common position. Thus, the European Commission proposed to set the price at $65 per barrel, but Poland and the Baltic countries considered it too high. This is while Greece and Malta, where maritime transportation is developed, suggest that it be at least $70.
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