Oil market: uncertainty over impact of price cap on russian oil | DW News

Worries over recession and oversupply continue to push global oil prices down, days after Western countries introduced new rules to 'cap' the price of Russian crude. The price of global-benchmark Brent crude oil remained around 77 Dollars a barrel as of Thursday morning. That's the lowest price since January. The new cap on Russian oil -- introduced by the European Union and G-7 nations -- began Monday. But several major importers including India and China have signalled they'll pay it little attention.

Officials in the US and UK say they're speaking to counterparts in Turkey to resolve a traffic jam of oil tankers in that country's waters. Turkey has demanded shippers provide new proof of insurance following the introduction of the cap -- which, again, prohibits Western insurers from covering Russian crude at more than 60-Dollars a barrel. The US and UK say the Turkish check is unnecessary under the new rules.

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