U.S. Warns EU Members Against Setting Oil Price Cap Too Low

The United States has urged caution in the European Union’s discussions of a price cap on Russian crude, saying that the lower prices that have been cited in recent days may be misleading. Per a Reuters report, an unnamed U.S. official said that the price of $52 per barrel of Urals crude - Russia’s flagship blend - does not reflect the overall level at which Russian oil has been trading this year. The official then went on to explain that over the past two months Urals crude had been trading at a discount of between $23 and $17 to Brent…