Oil Posts Third Weekly Loss as EU Postpones Price-Cap Talks
- European diplomats at odds over level of planned Russian limit
- WTI settled above $76 a barrel at the end of a volatile week
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Oil posted a third weekly loss as the European Union suspended talks over a Russian oil price cap amid disagreements between member states.
West Texas Intermediate futures fell 2.1% to settle at $76.28 a barrel after trading in a more than $3 range on Friday. European diplomats remain locked in talks over how strict the cap should be, having previously proposed a range of $65-$70. Poland and the Baltics felt the cap was too generous to Russia and now diplomats have postponed discussions until Monday.