Oil futures traded lower Wednesday as investors kept tabs on Group of Seven talks on a price cap for Russian oil.
Price actionMarket drivers The U.S. and its allies could agree Wednesday on a price cap for Russian oil, The Wall Street Journal reported, with officials discussing a level around $60 a barrel, though the cap still could be set as high as $70, according to the report.Price action Market drivers The U.S.
Oil remains rangebound “between $78 and $93 with Russia’s response to the EU and G-7 policies a bullish wild card to watch in early December,” wrote analysts at Sevens Report Research, in a Wednesday note.
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