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.
A greater-than-expected build in U.S. gasoline inventories and widening COVID controls in China added to downward pressure.
Both benchmarks plunged more than 3% on Wednesday on news the planned price cap on Russian oil could be above the current market level., according to a European official, though European Union governments have not yet agreed on a price. "If the EU agree to an oil price cap of $65‑$70/bbl this week, we see downside risks to our oil price forecast of $95/bbl this quarter," Dhar said.
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