Oil prices decline as looming G7 price limit reduces tight p...| MENAFN.COM

Thursday, 01 December 2022 03:31 GMT

Oil prices decline as looming G7 price limit reduces tight provisions worries


(MENAFN) Oil prices declined on Thursday triggered by the looming price limit on Russian crude by G7 nations, facilitating tight supply worries.

International benchmark Brent crude sold at USD84.79 a barrel at 10.04 AM regional time (0704 GMT), a 0.73 percent decline from the ending price of USD85.41 per barrel in the prior exchange session.

The American main West Texas Intermediate (WTI) sold at USD77.59 a barrel at the same period, a 0.45 percent fall after the last session finished standing at USD 77.94 per barrel.

Rumors that the price limit on Russian oil by the G7 nations would be higher than estimates raised the worries of reducing provision and pushed oil prices to a decrease.

Even though no official verdict has been reached yet, the G7 nations are talking about setting a price limit of USD 65 up to USD 70 a barrel for oil shipped via the sea coming from Russia.

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