Tumbling Oil Prices Push Russian Crude Below G-7’s $60 Price Cap
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Plunging oil markets drove the price of Russia’s flagship Urals crude slump below a $60-a-barrel Group of Seven-imposed cap for the time since July.
Urals from the Baltic Sea port of Primorsk fell to $56.15, while the same grade at Novorossiysk in the Black Sea slumped to $56.55, according to data from Argus Media Ltd., whose data instruct G-7 policy on the price cap.