Oil slips as price cap proposal eases supply concerns

Oil prices edged lower today, 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.

Brent crude futures were down 28 cents to 85 dollars 13 cents a barrel, while U.S. West Texas Intermediate crude futures fell 5 cents to 77 dollars 89 cents.

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