Mani points (the report came via a Bloomberg pice):
- Bloomberg cited unnamed sources saying the US and allies are considering capping Russian oil at $40-$60 a barrel
- $40-$60 range is based on Russia's marginal cost for producing oil products and what the country charged for oil before it invaded Ukraine in February
- The cap is intended to cut Russia's revenue while still making oil accessible to sanctioning countries.
Oil price update:
