Oil markets were hit by a second week of strong investor selling last week as fund managers became confident that the proposed G7 price cap would be set and enforced in a manner that would not disrupt Russia’s crude oil exports.

Hedge funds and other asset managers sold the equivalent of 90 million barrels in the top six oil futures and options contracts in the seven days ended Nov. 22.

Sales over the past two weeks totaled 149 million barrels, the fastest rate…