Oil prices fall as impending G7 price cap eases tight supply fears

News that the price cap on Russian oil by the G7 countries would be above expectations alleviated the concerns of contracting supply and pushed oil prices lower.

Although no official decision has been taken yet, the G7 countries are discussing setting a price cap of $65 to $70 per barrel for oil transported by sea from Russia.

Meanwhile, US commercial crude oil inventories decreased by 0.8% during the week ending Nov. 18, according to data released by the Energy Information Administration (EIA) on late Wednesday.

Inventories declined by around 3.7 million barrels to 431.7 million barrels, against the market expectation of a decrease of around 2.2 million barrels.

Source: Anadolu Agency