Bloomberg reporting that oil was little changed as the European Union considered a higher-than-expected price cap on Russian crude and evidence mounted of challenges to demand.

West Texas Intermediate rose 3 cents Thursday after trading in a narrow range and with volumes thin due to the US Thanksgiving holiday. EU diplomats are locked in negotiations over how strict the Russian mechanism should be, after discussing capping the country's seaborne exports at $65 to $70 a barrel. The resumption of talks to finalize the cap was delayed beyond Thursday as more time was needed to overcome the differences, according to people familiar with the matter.

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