Oil posts third weekly loss as EU postpones price-cap talks

Oil posted a third weekly loss as the European Union suspended talks over a Russian oil price cap amid disagreements between member states.

West Texas Intermediate futures fell 2.1 per cent to settle at US$76.28 a barrel after trading in a more than US$3 range on Friday. European diplomats remain locked in talks over how strict the cap should be, having previously proposed a range of US$65-US$70. Poland and the Baltics felt the cap was too generous to Russia and now diplomats have postponed discussions until Monday.

The cap talks come before an OPEC+ meeting early 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.