TOKYO :Oil trickled down on Thursday, hovering around two-month lows, as the proposed price cap on Russian oil from Group of Seven nations was considered higher than the current trading levels, alleviating concerns over tight supply.
Both benchmarks plunged more than 3 per cent on Wednesday on news the planned price cap on Russian oil could be above the current market level. "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. But crude inventories fell by 3.7 million barrels in the week to Nov. 18 to 431.7 million barrels, compared with analysts' expectations in a Reuters poll for a 1.1 million-barrel drop.
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