Oil slips as Trump's sanction waiver may lead to more Russian fuel supplies
USO•Brent crude fell 1.30% to $108.43 a barrel and U.S. West Texas Intermediate dropped 0.52% to $100.88 after Trump waived sanctions and tariffs on Russia, a move that may allow more Russian fuel exports.
1. Oil prices decline
Oil prices slipped on Monday after U.S. President Donald Trump waived sanctions and tariffs on Russia. Brent crude futures fell $1.43, or 1.30%, to $108.43 a barrel by 2340 GMT, while West Texas Intermediate was down 53 cents, or 0.52%, at $100.88.
2. Waiver and supply concerns
Trump signed an executive order on Friday waiving key sanctions and tariffs under the Graham Act. Secretary of State Marco Rubio said Trump would take up to 60 days to assess the waiver's economic impact. Brent had briefly reached $110 a barrel on Friday as Middle East tensions raised concerns about shipping safety and tighter energy supplies; attacks on commercial vessels cut Gulf crude flows to about 8.5 million barrels per day last week from more than 20 million the week before, Kpler said.
