The price cap on Russian crude oil is intended to prevent Russia from selling its oil for more than 60 dollars.
(Photo: dpa)
Dusseldorf The price of oil rose again on Tuesday. North Sea Brent crude oil and US oil WTI rose in price by up to 1.2 percent to $83.69 and $77.88 per barrel (159 liters) by midday.
Market traders believe the implementation of sanctions on Russian seaborne crude oil has eased concerns about oversupply. This concern pushed prices down again on Monday after an interim increase.
Since Monday, no more Russian oil can be imported into the EU by sea. In addition, the EU price cap on Russian oil came into effect. It is intended to prevent Russia from being able to sell its oil on the world market for more than 60 US dollars – the equivalent of 57 euros – per barrel. The EU states hope that Russia will have less money for the war against Ukraine due to the lower income.
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