Oil closes 3% down amid reports on Russian crude ceiling

Oil prices plunged more than 3% today, Nov. 23, after reports that negotiations to set a ceiling for the price of Russian crude had stalled.

Bloomberg reported that there are differences between European Union countries regarding the appropriate price level for the Russian crude ceiling, with some countries rejecting a proposal of $65 a barrel as giving Moscow high revenues, and other countries not supporting any ceiling less than $70.

Meanwhile, US Energy Information Administration data revealed that crude oil inventories fell by about 3.7 million barrels last week, while gasoline stocks rose by 3.1 million barrels.

Brent crude futures for January delivery slumped 3.3%, or $2.95, to $85.41 a barrel. WTI crude for January delivery also fell 3.7%, or $3.01, to $77.94 a barrel.