- Europe and the G-7 started applying a price cap to oil prices, crude plunged.
- EU Commission President Von der Leyen anticipated more sanctions ahead.
- WTI trades near a weekly low of $71.11 a barrel, the lowest since December 2021.
The barrel of West Texas Intermediate Crude Oil plummeted this week and trades at levels that were last seen in December 2021. The black gold stands just above $70 a barrel, after peaking at $81.71 a barrel on Monday. The weekly drop came after the European Council, alongside the G-7, agreed on a price cap on Russian oil applicable as of December 5.
EU cap on Russian oil
“The price cap on Russian oil will limit price surges driven by extraordinary market conditions and drastically reduce the revenues Russia has earned from oil after it unleashed its illegal war of aggression against Ukraine. It will also serve to stabilise global energy prices while mitigating adverse consequences on energy supply to third countries,” reads the European Commission press release from December 3.
It is worth adding that, despite not directly referring to oil prices, European Commission President Ursula von der Leyen announced she will propose a ninth package of sanctions against Russia.
WTI US OIL
|Today last price||72.51|
|Today Daily Change||0.93|
|Today Daily Change %||1.30|
|Today daily open||71.58|
|Previous Daily High||75.25|
|Previous Daily Low||71.23|
|Previous Weekly High||83.3|
|Previous Weekly Low||73.66|
|Previous Monthly High||92.92|
|Previous Monthly Low||73.66|
|Daily Fibonacci 38.2%||72.76|
|Daily Fibonacci 61.8%||73.71|
|Daily Pivot Point S1||70.12|
|Daily Pivot Point S2||68.67|
|Daily Pivot Point S3||66.11|
|Daily Pivot Point R1||74.14|
|Daily Pivot Point R2||76.7|
|Daily Pivot Point R3||78.16|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.