A senior official from the G7 nations says the G7 is "very close" to agreeing on a price cap on Russian seaborne oil. The official said the price will be capped at $60 a barrel with an adjustment mechanism to keep the cap at 5% below the market price. The official said that the deal could be finalized by December 5 or sooner. The move is aimed at limiting Russian oil revenues while maintaining adequate supplies for the global market.