Oil declines, Brent at $112

Oil drilling rigs

Oil prices declined today, May 9, as investors tracked the Group of Seven (G7) nation's pledge to ban imports of Russian crude. In addition, Saudi Aramco announced of the official selling price for Arab crude in various major markets.

Brent crude was trading down 0.3% at $112.05 per barrel, at 9:02 am GMT. West Texas Intermediate (WTI) crude fell 0.48% to $109.24 a barrel.

The G7 nations on May 8 pledged to ban or phase out Russian oil imports. Washington also imposed new sanctions against Gazprombank executives and other businesses.

Meabwhile, China's repeated attempts to curb the spread of COVID-19, along with the closures, have reduced energy consumption.