Brent inched down 10 cents or 0.1% to $88.39 a barrel, WTI rose 0.1% or by 9 cents to $81.32 a barrel.

"On the price cap, there is nothing near a consensus," a diplomat from one EU country said.

The 27-nation bloc has already agreed on a voluntary target to cut gas consumption by 15% after Russia, its biggest supplier, cut shipments following the invasion of Ukraine. Still, more action is needed to contain the energy crunch that’s fueling inflation and risks recession.

Japan wants to avoid an energy crunch by offering financial support before winter, when heating demand is expected to increase. Spot LNG prices remain at high levels amid a risk of supply disruption from Russia given its war with Ukraine.

Brent rose 52 cents, or 0.6%, to $89.84 a barrel, WTI rose by 52 cents, or 0.6%, to $82.67.

Benchmark prices declined as much as 6.4%, after rising 19% over the previous two days.

Despite the fact neither Nord Stream nor Nord Stream 2 were flowing gas to Europe at the time of the incidents, gas prices rose as much as 9% in early trading Sept. 27.

Although Pertamina remains cautious and the company declined to make official comments on any concrete plans to purchase Russian crude going forward, Ambara Jaya said that the state-run refiner finds several Russian crude grades to be suitable feedstocks.

U.S. commercial crude oil inventories decreased by 0.2 million barrels to 430.6 million barrels.

Brent fell $1.02, or 1.2%, to $85.25 per barrel , WTI were down 97 cents, or 1.2%, at $77.53 per barrel.

Dutch front-month gas, the European benchmark, rose 11% to 206 euros per megawatt-hour at 8:47 a.m. in Amsterdam. Price increased 7.1% on Tuesday.

The currently out-of-action Nord Stream pipeline system was damaged, with Germany saying it suspected it was an act of sabotage.

Naftogaz and Gazprom signed in December 2019 a gas transit agreement under ship-or-pay terms, meaning Gazprom is obliged to pay for transit whether it uses it or not.

Brent was up $1.49, or 1.8%, to $85.55 a barrel, WTI was up $1.37, or 1.8%, at $78.08.

The share of imports from Russia has likely risen because of lower imports into China and shifting trade patterns following Russia’s full-scale invasion of Ukraine. Western economic sanctions have reduced demand for Russian crude oil, and as a result, have left Russia to look for alternative export destinations.