EU Commission proposes cutting Russia’s oil price cap to $45

From Von Der Leyen:

• We are ramping up pressure on Russia with 18th package of sanctions
• Sanctions target energy and banking
• Proposes restrictions on Nord Stream pipeline

The current price cap is $60, though its effectiveness and enforcement is spotty. Brent is currently trading at $67.26.

Crude looks like it could be breaking out today, as it clears a double top.

This article was written by Adam Button at www.forexlive.com.