- Europe and the G-7 began to cap oil prices and crude plunged.
- The president of the European Commission, Ursula Von der Leyen, anticipated more sanctions in the future.
- WTI is trading near a weekly low of $71.11 a barrel, the lowest level since December 2021.
WTI oil barrel slumped this week and is trading at levels last seen in December 2021. Black gold is hovering just above $70 a barrel, having peaked at $81.71 on Monday . The weekly drop came after the European Council, together with the G-7, agreed to cap Russian oil prices applicable from December 5.
The EU limits the price of Russian oil
“The price cap on Russian oil will limit price rises driven by extraordinary market conditions and sharply reduce the profits Russia has made from oil after unleashing its illegal war of aggression against Ukraine. It will also serve to stabilize world oil prices. energy, mitigating at the same time the adverse consequences on the supply of energy to third countries”, reads the press publication of the European Commission of December 3.
It should be added that, despite not referring directly to oil prices, the President of the European Commission, Ursula von der Leyen, announced that she will propose a ninth package of sanctions against Russia.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
