Urals diffs fall on high freight costs, EU agrees price cap

Urals crude oil differentials to dated Brent widened on Friday as record high freight costs for Russian oil due to a shortage of tankers weighed on prices, while EU governments finally agreed to the price cap on Russian oil.

  • Traders said that shortage of tankers was behind the jump in freight costs as ship owners were reluctant to offer services for Russian barrels due to a looming EU embargo and the price cap.


  • No bids or offers were made for Urals, Azeri BTC or CPC Blend in the Platts window on Friday, traders said.


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