Oil Drops as Price Cap Proposal Eases Supply Concerns

Oil Drops as Price Cap Proposal Eases Supply Concerns
An employee holds a sample of crude oil at the Yarakta oilfield, owned by Irkutsk Oil Co., in the Irkutsk region, Russia, on March 11, 2019. Vasily Fedosenko/Reuters
Reuters
Updated:

LONDON—Oil prices fell on Thursday, hovering around two-month lows as the level of a proposed G7 cap on the price of Russian oil raised doubts about how much it would limit supply.

A bigger than expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices.