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Why Finding a Real Russian Oil Price Cap Is Proving So Hard

European diplomats trying to reach a deal to curb Russian oil prices are wrestling with an awkward truth: Moscow’s main benchmark crude is already trading below the levels proposed for the cap.

Talks have so far focused on levels from $62 to $70 a barrel. Those who want the oil to keep flowing want a high cap, while those prepared to choke off Russia’s vast crude supply are pushing for a lower one.