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Russia’s Flagship Oil Falls Further Below Proposed EU Price Cap

The Mendeleev Prospect oil tanker moored at the Primorsk Commercial Seaport.

The Mendeleev Prospect oil tanker moored at the Primorsk Commercial Seaport.

Photographer: Alexander Ryumin/TASS/Getty Images

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Russian flagship crude oil dipped again on Friday, serving as a reminder of the challenges facing European Union diplomats haggling over a price level at which to cap Moscow’s exports.

The country’s key Urals grade fell to $51.96 a barrel at the Baltic Sea port of Primorsk, according to data provided by Argus Media Ltd., a publisher of physical commodity prices. It fell by a similar amount, and to a similar level, from Novorossiysk in the Black Sea.