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Urals Crude From Novorossiysk Rises To $59.98/bbl

OIL

Russia’s flagship Urals crude oil rose just below the $60/bbl price cap introduced by the EU and G7 at $59.98/bbl at the Black Sea port of Novorossiysk according at Argusmedia.

  • Urals crude at the port of Novorossiysk was reported at $57.70/bbl as of Friday last week according to Argus data.
  • Urals at the Baltic Sea port of Primorsk also gained, rallying to $59.38/bbl the Argus data show.
  • If Urals surpasses the $60/bbl threshold, Russian crude cargoes cannot use important western services including insurance, shipping and financing.

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