Oil drops more than 4% after discussions about ceiling price of Russian oil

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Oil prices fell sharply on Wednesday (November 23), continuing a string of volatile transactions, as the G7 group considered a higher ceiling on Russian oil prices than current market levels and higher gasoline inventories in the US. forecasts from analysts.

Ending Wednesday’s session, the Brent oil contract dropped $3.57, or 4%, to $84.79 a barrel. WTI oil contract lost 3.50 USD (equivalent to 4.3%) to 77.45 USD/barrel. At the beginning of the session, both contracts gained more than 1 USD/barrel.

The US Energy Information Administration (EIA) said gasoline inventories in the US jumped 3.1 million barrels, much higher than the 383,000-barrel increase forecast by analysts.

 

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