Oil slides further, down over 4%
The prices of oil futures continued sliding on Wednesday, falling over 4%, as media reports noted that there is a possibility that the price cap on Russian crude might be higher than the current price of the country's commodity.
Namely, the Russian crude benchmark, Urals, is presently selling at $60 per barrel, while the speculations are that the cap might be decided at between $65 to $75 per barrel.
For settlements in January, West Texas Intermediate (WTI) dropped 3.92% to sell for $77.82 per barrel at 10:02 am ET. At the same time, Brent for the same month's deliveries nosedived by 3.71% going to $85.09 per barrel.