Oil ETFs Plummet on Russian Oil Cap (2 min read)
Oil and energy related ETFs took a dip on Friday after the European Union agreed on a $60 price cap for Russian oil. The Proshare Ultra Bloomberg Natural Gas (BOIL) dropped nearly 14% in a single day while energy-focused ETFs only slid slightly at about 1%. Despite the market reacting to the news, some experts suggest that the price cap will have minimal impact on the oil market because the physical flow of Russian oil has not been stopped or slowed.