Singapore, November 24 (QNA) – Oil trickled down on Thursday, hovering around two-month lows, as the proposed price cap on Russian oil from Group of Seven (G7) nations was considered higher than the current trading levels, alleviating concerns over tight supply.
Brent crude futures dipped 21 cents, or 0.3 percent, to $85.20 a barrel, while US West Texas Intermediate crude futures fell by 16 cents, or 0.2 percent, to $77.78 a barrel.
Oil prices had fallen more than 3% on Wednesday, as the Group of Seven (G7) nations considered a price cap on Russian oil above the current market level.
The G7 nations discussed setting the ceiling for Russian seaborne exports at $65 to $70 a barrel, although EU governments have not yet agreed on a price. (QNA)
Tech Blog & Shop - By TFS