Crude oil futures ended deeply in red on Wednesday on reports that the Group of Seven nations has considered a price cap on Russian oil. According to reports, G7 nations are considering a price cap of $65-$70 a barrel on Russian seaborne oil. However, Data released by U.S. Energy Information Administration (EIA) showed crude inventories dropped by 3.7 million barrels in the week ended November 18th, larger than an expected drop of about 1.1 million barrels.
Benchmark crude oil futures for December delivery fell $3.01 or about 3.7 percent at $77.94 a barrel on the New York Mercantile Exchange. Brent crude for January delivery dropped $3.15 or about 3.56 percent to settle at $85.21 (Provisional) a barrel on London's Intercontinental Exchange.