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AP
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The Group of Seven nations and Australia have joined the European Union in agreeing to a $60-per-barrel price cap on Russian oil. It's a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine. The nations needed to set the discounted price that other nations will pay by Monday, when an EU embargo on Russian oil shipped by sea and a ban on insurance for those supplies take effect. The price cap aims to prevent a sudden loss of Russian oil to the world that could lead to a new surge in energy prices.

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Hertz says it will pay approximately $168 million by the end of the year to settle the majority of the lawsuits brought against the rental car company by some of its customers who were wrongly accused of stealing cars they had rented.

wire
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WASHINGTON — President Joe Biden assured Americans on Friday that the U.S. economy is chugging along in the holiday season, but the very strength of a new jobs report showed that high inflation remains a recession threat.