Oil pares weekly drop as EU strives for price-cap compromise
BNN Bloomberg
Oil pared a third weekly loss as the European Union weighed a higher-than-expected price cap on Russian crude and economic slowdown concerns threatened the demand outlook.
Brent traded above $86 a barrel, putting the global benchmark on course for a small decline at the end of a volatile week, with trading volumes thin around a U.S. holiday. European diplomats remain locked in talks over how strict the cap should be, highlighting disagreements between member states. Negotiations could resume Friday but may also slip beyond that.
The cap talks come ahead of an OPEC+ meeting at the start of next month. Iraq and Saudi Arabia's oil ministers met on Thursday and said the group could take further measures if required to achieve stability in the market.
