- West Texas Intermediate fell below $80/Bbl on Wednesday as G7 nations continue to discuss a price cap on Russian oil
- Price cap proponents are discussing range of oil prices around $65-$70, according to European officials (Reuters)
- A senior U.S. Treasury official said that the price cap will likely be adjusted a few times a year
- Russia has previously said that it won’t sell oil to nations that use the cap
- The American Petroleum Institute (API) reported that U.S. crude inventories decreased 4.8 MMBbl last week
- The industry group showed a small draw of 400 MBbl in gasoline stocks and a 1.1 MMBbl build in distillate stocks
- More closely followed government data is due out at 9:30 am CST as most analysts are focused on the status of distillate stocks
- A survey of economist from Bloomberg is indicating a 163 MBbl build in distillates