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After rising for three straight days, Brent futures fell $1.49, or 1.8%, to settle at $81.21 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $1.17, or 1.5%, to settle at $76.11.

Russian Urals oil shipments to India accounted for about 40% of the total sea exports of Urals in November, not including the transit of oil from Kazakhstan, which is sold as KEBCO, Reuters calculations showed.

The plan is meant to punish Russia while at the same time keeping its vast petroleum exports flowing to energy-starved global markets to tamp down inflation.

The deadline for a deal is Dec. 5 because that is when the EU's own full embargo on purchases of Russian seaborne oil, agreed at the end of May, kicks in.

Oil rose on Tuesday on expectations for a loosening of China's strict COVID-19 controls, but concerns that OPEC+ would keep its output unchanged at its upcoming meeting limited gains.

Yoon held a video call with Tesla Chief Executive Elon Musk last week and Yoon's office cited Musk as saying South Korea is among the top candidate locations for a new Tesla factory.

Kosovo and Serbia reached a deal on Wednesday to end a nearly two-year dispute over car licence plates in northern Kosovo, which the West had warned could trigger ethnic violence, the European Union's foreign policy chief said.

A virtual meeting puts the focus on the pending European Union deal over the price cap on Russian oil, as well as a Dec. 5 deadline imposed by the bloc for a full embargo on purchases of Moscow's seaborne crude.