Late last week, the 27-nation bloc agreed to a lower price cap for Moscow’s crude as part of a package of sanctions against Moscow. The measures include curbs on fuels made from Russian petroleum, additional banking limitations and a ban on a large oil refinery in India.
Brent crude held near $69 a barrel after falling 1.5% last week, while West Texas Intermediate was above $67. EU envoys are set to meet as early as this week to formulate a plan for measures to respond to a possible no-deal scenario with US President Donald Trump, whose tariff negotiating position is seen to have stiffened ahead of an Aug. 1 deadline.
Late last week, the 27-nation bloc agreed to a lower price cap for Moscow’s crude as part of a package of sanctions against Moscow. The measures include curbs on fuels made from Russian petroleum, additional banking limitations and a ban on a large oil refinery in India.
Oil has trended higher since early May, but is still down about 7% this year as Trump ratchets up his trade war and OPEC+ relaxes supply curbs. Prices have been jolted by developments in the Middle East, as well as sanctions on crude from producers including Russia and Iran.
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