EU leaders urge gas price cap deal as level remains open

European Union governments have agreed on a 9th package of sanctions against Russia over Moscow's invasion of Ukraine, EU diplomats said.

Bloomberg reported that European Union leaders ''threw their weight behind a quick agreement on a natural gas price cap to put an end to months of political wrangling over an unprecedented intervention to contain the impact of an energy crisis. But they still have yet to settle on a price level.''

''At a summit in Brussels, the leaders agreed to a joint statement calling on the ministers to “finalize” on Monday their work on the so-called market correction mechanism. A deal on the gas price cap would also unlock a broader package of measures to rein in high energy prices that sent businesses and consumers reeling.''

Meanwhile, the package will be formalised through what the EU calls a "written procedure" by Friday noon.

"Sanctions agreed. Written procedure until tomorrow noon," one of the diplomats said.

WTI update

Meanwhile, WTI Price Analysis: Bears eye a break of $75.70 for the sessions ahead,  West Texas Intermediate WTI crude oil which climbed into resistance earlier this week on the back of restrictions on the flow between Canadian and the United States, has seen the bears move in at critical resistance:

WTI is in a bearish cycle, leaving the downside exposed. However, despite breaking the micro trendline, the structure at $75.70 is important and will need to be cleared to confirm the meanwhile downside bias.