Urals u-turn as Europe shuns expensive Russian oil

MOSCOW/LONDON (Reuters) - The rapidly rising price of Russia's flagship Urals blend oil has forced European refineries to cut purchases from Moscow and look for crude supplies elsewhere, traders said on Friday. Urals, a blend of heavy sour oil from the Urals mountains and Volga river region and light oil from Western Siberian fields, has traded at a hefty premium of more than $2 per barrel to dated Brent -- a global benchmark -- since April, up from a discount of around $4 per barrel. Prices..