Oil futures bounced Wednesday, finding support on industry data that showed a drop in U.S. crude inventories as traders track Hurricane Francine.

Russia’s flagship Urals crude has dropped back below the $60-a-barrel price cap imposed by the Group of Seven nations and its allies to punish Moscow for its war in Ukraine.

US crude oil prices have fallen sharply, with WTI at $66.11 per barrel and Brent below $70, driven by weak demand data from China, US dollar strength, and economic uncertainties.