Oil prices fall more than 3% on Russian oil price cap talks

Brent crude futures fell $2.82, or 3.19%, to $85.54 a barrel by 1450 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down $2.62, or 3.24%, at $78.33 a barrel.Both contracts fell by as much as $3/bbl after rising by over $1/bbl earlier in the session, "following reports that the G7 price cap on Russian oil could be above the level it is trading at the moment", said Giovanni Staunovo, commodity analyst at UBS.

from Commodities-Markets-Economic Times
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