Oil dips on Russia fuel increase forecast
Oil prices declined today, Monday, after U.S. President Donald Trump exempted Russia from some sanctions and tariffs, which could boost Russian fuel exports by an estimated 7.6 million barrels per month in the future. The price of Brent crude reached $107.06 per barrel, while West Texas Intermediate rose to $99.55. This came amid rising security tensions in the Middle East, which have disrupted Gulf oil supplies and reduced flows to about 8.5 million barrels per day, compared to over 20 million barrels before the increase in attacks on commercial ships. These developments are key drivers influencing the oil markets, amid ongoing uncertainty about how the exemptions will affect global supply and energy markets.
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