Oil falls as supply-disruption fears ease amid Russian price cap talks
Business
G7 price cap on Russian oil could be above current trading level.
TOKYO (Reuters) - 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.
The range of $65
