Oil prices fell more than four percent today as the G7 plans to rein in Russian oil prices and as US fuel inventories rose more than expected.
A barrel of Brent oil for January delivery fell by $3.47 and now costs $84.89, while a barrel of US crude fell to $77.63.
U.S. fuel stockpiles rose by 3.1 million barrels, according to data from the U.S. Energy Information Administration. Analysts had expected an increase in inventories of only 383 barrels.
Prices were also affected by news that G7 members are considering capping the price of Russian oil at $65 to $70 a barrel, a European official said.
This level is currently higher than the price at which Russian oil is sold on the market. A barrel of Ural crude currently costs between $62 and $63, Sky News writes.
