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Crude prices tumbled 4% on Wed on reports that the G7 was looking at imposing a much-higher-than-thought range of USD65-USD70 a barrel price cap for the selling price of Russian oil.
Traders had originally speculated on a range of USD50-USD60 for the cap - or USD20-USD25 lower than current market prices - which had been expected to anger Putin enough for him to drastically cut production or exports of oil from his country, further squeezing already tight global supplies.
The price cap and a proposed EU embargo on Russian oil are expected to begin simultaneously on Dec. 5, a day after the OPEC+ meets to review output quotas for the 23 nations in the coalition.
Saudi Arabia's Energy Minister Abdulaziz bin Salman earlier this week hinted that OPEC+ could order another cut when it meets on Dec. 4, dismissing a report by the Wall Street Journal that an output hike of 500,000 bpd might happen instead.
In Wed's session, however, market sentiment in oil took a fresh blow on news of the higher-than-expected price cap for Russian oil, which traders said might be benign enough for Putin not to disrupt the flow of oil out of his country. The cap is meant to limit the amount of money Russia can earn from its oil to fund the war in Ukraine, although market experts are split on whether the initiative will even meet its aim.
The immediate relief for Europe's oil supplies that traders saw took a toll on crude prices Wed. Brent crude settled down 3.3% at USD85.41. WTI settled down 3.7% at USD77.94.
Crude prices were also pressured Wed by large weekly fuel stockpile builds. Crude stockpiles in the US fell for a 2nd week in a row as refiners stepped up fuel production, leading to large builds instead in gasoline and distillate inventories, data from the EIA showed. Crude inventories fell by 3.7 m barrels in the week to Nov. 18, adding to the previous week's decline of 5.4 m, the EIA said.
Refinery runs rose by almost 1% last week to 94% of capacity, hitting record highs in the key U.S. East Coast region and boosting inventories of both finished gasoline and blending component products.
Gasoline stockpiles rose by 3.1 m barrels versus a build of 2.2 m the previous week and against expectations for a 383,000-barrel rise. The drop accentuated the 10-year lows in gasoline stockpiles in the East Coast, traders said, reflecting the tight supply situation for America's premier automobile fuel in one of the nation's busiest markets.
Distillate stockpiles rose by 1.7 m barrels, versus expectations for a 550,000-barrel drop. In the previous week, distillate inventories rose by 1.12 m barrels. Distillates are refined into heating oil as well as diesel for trucks, buses, trains and ships, and as fuel for jets.