Oil prices extended losses on Thursday as EU leaders continued to discuss a cap on Russian crude exports.
International benchmark Brent crude fell 0.7% to $85.83 a barrel, from Wednesday’s high of $89. U.S. benchmark West Texas Intermediate crude fell 0.6% to $77.50 a barrel.
EU leaders have so far failed to agree on the level of the price cap for Russian oil. The Wall Street Journal reported on Wednesday, citing anonymous diplomats, that the Group of Seven (G7) nations had proposed a $65 to $70 limit, but some thought it was too low, while others balked.
Crude oil prices fell for two consecutive quarters and also fell in the last quarter of the year. The second and third quarters recorded the largest two-quarter decline since the outbreak of the new corona epidemic in early 2020.
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