Oil prices fell by more than $1 a barrel on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading.
Brent crude futures fell $2, or 2.26%, to $86.36 a barrel at 1153 GMT, while U.S. West Texas Intermediate crude futures were down $1.57, or 1.94%, at $79.38 a barrel.
Both contracts rose by more than $1/bbl earlier in the day, but "pared gains following reports that the G7 price cap on Russian oil could be above the level it is trading at the moment", said Giovanni Staunovo, commodity analyst at UBS.in the range of $65-70/bbl, according to a European official on Wednesday.
Meanwhile, Urals crude delivered to northwest Europe is trading around $62-$63/bbl, although it is higher in the Mediterranean at around $68/bbl, according to Refinitiv data.a few times a year. The news added to demand concerns relating to top crude oil importer China, which has been grappling with a surge in COVID-19 cases, with Shanghai
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