- The price for Russian seaborne oil should be capped at between $30 and $40 per barrel, lower than the level that Group of Seven nations have proposed, Ukrainian President Volodymyr Zelenskiy said on Saturday.
A meeting of European Union government representatives, scheduled for Friday evening to discuss a Group of Seven proposal to cap Russian seaborne oil prices, was cancelled, EU diplomats said. "There was not enough of a convergence of views," one diplomat said. "There won't be a meeting tonight nor this weekend," a second diplomat said.
Oil prices were stable on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. Brent crude futures were up 22 cents, or 0.3%, to trade at $85.56 a barrel at 1447 GMT, having retraced some earlier gains. U.S. West Texas Intermediate crude futures were up 43 cents, or 0.6%, at $78.37 a barrel.
Oil prices fell 2% on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. Brent crude futures settled down $1.71, or 2%, to trade at $83.63 a barrel, having retraced some earlier gains. U.S. West Texas Intermediate crude futures were down $1.66, or 2.1%, at $76.28 a barrel.
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