Oil falls as supply-disruption fears ease amid Russian price cap talks
Oil prices fell on Thursday, extending losses from the previous session, as fears of supply disruption eased on news that the Group of Seven (G7) nations were considering a high price cap on Russian oil.
A greater-than-expected build-up in U.S. gasoline inventories added to downward pressure.
Brent crude futures had slid 43 cents, or 0.5%, to $84.98 a barrel by 0102 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped 35 cents, or 0.5%, to $77.59 a barrel.
Both benchmark contracts plunged more than 3% on Wednesday on news that the planned price cap could be above the current market level.
The G7 is looking at a cap on Russian seaborne oil in the range of $65-70/bbl, according to a European official, though European Union governments have not yet agreed with each other on the matter.