Crude oil prices pared earlier gains and dropped 2% on Wednesday as the West weighed in on a price ceiling for Russian oil, possibly opting to limit the price to $60 per barrel, according to reports.
The United States and its allies will likely announce their decision on the price ceiling for the Russian commodity later today, as they look to agree on the level of the ceiling before December 5, the date which will put into effect new measures decided by the West. However, Moscow underscored it will not supply oil under the price cap which could spark supply concerns in global markets.
For settlements in January, West Texas Intermediate (WTI) fell by 1.94% to sell for $79.40 per barrel at 6:20 am ET. At the same time, Brent for the same month's deliveries dipped by 2.15% going to $86.40 per barrel.
