Oil prices fell to near their lowest levels in two months, as the Group of Seven countries’ proposed maximum price for Russian oil was seen as above current trading levels, which eased worries about the shortage of supplies, according to Reuters.
A larger-than-expected rise in U.S. gasoline inventories and expanding COVID-19 restrictions in China added to downward pressure.
Brent crude futures were down 21 cents, or 0.3%, to $85.20 a barrel at 0431 GMT, while US West Texas Intermediate crude oil futures were down 16 cents, or 0.2%. , at $77.78 a barrel.
Both benchmarks fell more than 3% yesterday on news that the expected price peak for Russian oil could be higher than the current market level. The Group of Seven is considering a ceiling for Russian seaborne oil of $65 to $70 a barrel, according to a European official, though EU governments have yet to agree on a price.
