Summary of Oil prices rise as Russian embargo kicks in – BBC News

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The European Union embargo on Russian oil exports by sea comes into effect today, with a 60-dollar-a-barrel cap on the price of Russian crude shipped elsewhere also taking effect. President Zielinski of Ukraine says the cap will not be viewed as a serious decision in Moscow, and analysts say it is unclear how the oil market will respond.

• 00:00:00 The European Union embargo on Russian oil exports by sea comes into force today, with a 60-dollar-a-barrel cap on the price of Russian crude shipped elsewhere also taking effect. President Zielinski of Ukraine says the cap will not be viewed as a serious decision in Moscow, and analysts say it is unclear how the oil market will respond. The war between Ukraine and Russia seems to be gearing up for a decrease in activity in the coming months, with some U.S. officials saying a possible winter freeze might be favorable for the Ukrainian military.