Newstrail.com

Oil slides 4% on Russian oil price cap talks, U.S. gasoline build

Published by
Reuters UK

By Arathy Somasekhar HOUSTON (Reuters) – Oil prices fell more than 4% on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where it is currently trading and as gasoline inventories in the United States built by more than analysts’ expected. Brent futures for January delivery fell $3.67 to $84.69 a barrel, a 4.2% loss, by 11:07 a.m. ET (16:07 GMT). U.S. crude fell $3.56, or 4.4%, to $77.39 per barrel. Both contracts had risen by over $1/bbl earlier in the session. U.S. gasoline stocks rose by 3.1 million barrels, according to the Energy Information Administ…

Read More