MARKET MOVERS

  • European Union officials set Russian oil price cap at $60 a barrel. The announcement comes after the G-7 group of advanced economies agreed back in September to impose a limit on Russian seaborne crude* and therefore constrain revenues the Kremlin makes from the commodity. Russia, amid its onslaught in Ukraine, has warned that an oil price cap could wreak havoc on the energy markets and push commodity prices even higher.
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