The $ 60-per-barrel price cap on Russian crude oil, which came into effect on Monday, looks pretty straightforward. Buyers paying $60 or less per barrel of Russia’s crude will have full access to all EU and G7 insurance and financing services associated with transporting Russian crude to non-EU countries. However, the physical oil market doesn’t usually see trades with fixed prices of crude - oil is being sold at a price premium or discount against the forward prices of the major international benchmarks such as Brent or the Oman/Dubai…
