Brent crude slips ahead of Russia oil price cap decision

Oil drilling rigs

Oil is trading lower today, Nov. 24, as the European Union (EU) is said to be considering a higher-than-expected price ceiling on Russian oil.

Brent crude was trading down 0.54% at $84.95 a barrel, at 9:03 am Makkah time. West Texas Intermediate (WTI) crude fell 0.49% to $77.56 a barrel.

EU officials have discussed capping Russian oil exports at $65 to $70 a barrel, well above the level expected when the G7 initially proposed it as a way to punish Moscow for the war in Ukraine.

EU officials are set to continue talks today amid disagreements over the details of the price cap.

Meanwhile, Goldman Sachs believes that the higher price cap currently under consideration may reduce the risk of Moscow's retaliation, Bloomberg reported.