Speaking to a Russian TV station on Sunday, accusing the Western countries of violating the rules of the World Trade Organization, Russian Deputy Prime Minister and Minister of Energy Alexander V. Novak said his country would not export its oil under the price cap recently set by Western countries despite potentially needing to cut its oil production.

Novak said that Russia will continue to sell oil to countries that follow the free market rules. Novak explained that Russia is working on measures to impose ban on oil exports to the countries that might follow the Western price cap.

This follows Friday's news that EU member countries, as well as the United State, the United Kingdom, Canada and Australia, have agreed to set the price of Russian oil exports at USD 60 per barrel as from this Monday.

• ECB's Villeroy: In favour of 50 bp rate hike on Dec. 15

WTI technical analysis

Meanwhile, West Texas Intermediate (WTI) is correcting into the Fibonacci scale drawn on the prior bullish leg as follows:

As per the daily chart analysis above, the W-formation is a reversion pattern and the price would be expected to be drawn towards the neckline in which this case has a confluence with the 50% mean reversion area near $78.50bbls.