European Union (EU) ambassadors are meeting on 23 Nov with the aim of approving the capping mechanism of Russian Oil Prices.

European Union is expected to settle on a figure from within the $65-$70 range, but several EU diplomats said the proposed level was too high.

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The proposed oil price of $65-$70 a barrel is well above Russia’s cost of production, as Russia is already selling its crude at discounts

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Though some EU diplomats said the proposed level was too high, the range is in line with the historical average from before the invasion

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The crude Oil prices fell after the media reported the proposed price range on 23 November 2022, it was trading higher in the early trade

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The news also added to demand concerns from top importer China due to a surge in COVID-19 cases, as Shanghai tightened rules late on Tuesday

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Brent crude futures fell $2.59, or 2.95%, to $85.77 a barrel at 6.40 pm IST, while WTI crude futures were down US$2.34, or 2.89%, at US$78.61 a barrel on 23 Nov

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