Oil turns lower with EU discussing Russia price cap at US$65-US$70

​Oil fell as the EU discussed imposing a price cap on Russian oil between US$65 and US$70 a barrel.

West Texas Intermediate dropped below US$80 a barrel, after a run of recent volatility that on Monday pushed prices to the lowest since January. The European Union's discussions on Russian oil exports come as ambassadors meet Wednesday with the aim of approving the mechanism. The cap level could be close to the current Russian price given it has been selling at discounts of about US$20 a barrel in recent months.

Russia has said that it won't sell crude to nations that use the cap, which is designed to punish Moscow for its invasion of Ukraine while keeping the nation's oil flowing.