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Stocks trim losses in mixed afternoon session, crude oil prices fall amid E.U. price cap

The European Union's decision to agree to a $60 Russia price cap is sending crude oil prices down while the overall stock market remains mixed.

Video transcript

SEANA SMITH: We want to get you up to speed with some of this action that we are seeing. Overseas, European Union officials agreeing to cap Russian oil prices at 60 bucks a barrel. That's paving the way for G7 approval. This announcement coming after days of negotiations, a last minute push by Poland to lower that cap. The price limit will be reviewed every two months or so to ensure that it is 5% below the average market price.

Now, G7 is expected to approve the deal, with sanctions kicking in on Monday. We also have the OPEC meeting that's happening on Sunday, which could mean big moves here for the oil market. But again, crude has been under a tremendous amount of pressure when you take a look at the fact that it's just above 80 bucks a barrel. So some of the Russian sanctions, plus the OPEC meeting, could mean big moves for the energy market next week, Dave.

DAVE BRIGGS: Pivotal couple of days. We'll discuss that later in the program.