The US and its allies are discussing the cap on Russian oil, with a potential range between $40 and $60 a barrel, reported from Bloomberg.

Leaders at the G-7 summit last week agreed to explore options for a price cap, which is intended to cut Russia's revenue.

Although any eventual price cap would depend on market conditions, the $40-$60 range is based on Russia's marginal cost for producing oil products and what the country charged for oil before the military actions in Ukraine.

But sources told Bloomberg the Biden administration was concerned a price cap of $40 would be too low.

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