Oil loses more than a dollar a barrel due to talks to determine the price of Russian oil

Oil prices fell more than $1 a barrel on Wednesday as the Group of Seven nations discussed setting a price ceiling for Russian oil above its current trading level.

Brent crude futures lost $2, or 2.26%, to $86.36 a barrel by 1153 GMT, while US West Texas Intermediate crude futures fell $1.57, or 1.94%, to $79.38 a barrel.

Both crude futures rose more than $1 a barrel earlier in the day, but gave up their gains following reports that the ceiling imposed by the Group of Seven on the price of Russian oil may be higher than the level it is currently trading at.

A European official said on Wednesday that the G7 countries are considering imposing a ceiling on the price of Russian seaborne oil between $65 and $70 a barrel.

The pressures were also increased by the economic expectations of the Group for Economic Cooperation and Development of a slowdown in the pace of global economic growth during the next year.