Crude oil prices hit a 10-month low this week after Group of Seven (G7) members proposed a high price cap for Russian oil, easing concerns over supply shortages. Crude oil prices were also dragged lower by a stronger-than-expected rise in US gasoline inventories, as well as ongoing concerns about global oil demand amid COVID-related restrictions in China.

The recent drop in oil prices was an extension of Wednesday’s declines as benchmarks fell over 3% on Wednesday.

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