LONDON—Oil prices fell by more than $1 a barrel on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading.
Brent crude futures fell $2, or 2.26 percent, to $86.36 a barrel at 1153 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down $1.57, or 1.94 percent, at $79.38 a barrel.
