Oil drops as Russian price cap proposal eases concerns about tight supply
Oil declined on Thursday, hovering around two-month lows, as the Group of Seven(G7) nations' proposed range for a price cap on Russian oil was higher than current trading levels, alleviating concerns over tight supply.
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### Instruction: Oil drops as Russian price cap proposal eases concerns about tight supply

### Response: Oil declined on Thursday, hovering around two-month lows, as the Group of Seven(G7) nations' proposed range for a price cap on Russian oil was higher than current trading levels, alleviating concerns over tight supply.