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Oil prices fall more than $2 on Russian oil price cap talks

Brent crude futures fell $2.71, or 3.07%, to $85.65 a barrel at 1314 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down $2.39, or 2.95%, at $78.56 a barrel.

November 23, 2022 / 07:03 PM IST
Representative Image (File image)

Representative Image (File image)

Oil prices fell by more than $2 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 $2.71, or 3.07%, to $85.65 a barrel at 1314 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down $2.39, or 2.95%, at $78.56 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.

G7 nations are looking at a price cap on Russian seaborne oil in the range of $65-70/bbl, according to a European official on Wednesday.