From The Economic Times · Reuters · · 1m 10s
Oil Prices Drop After Trump Waives Russian Sanctions
Trump's sanction waiver on Russia may boost Russian fuel exports, causing oil prices to fall.
In brief
Trump's sanction waiver on Russia may boost Russian fuel exports, causing oil prices to fall. Oil prices dropped as Trump waived sanctions on Russia, potentially increasing Russian fuel exports. Originally reported by The Economic Times.
Oil Prices Slip
Oil prices slipped on Monday after US President Donald Trump waived sanctions and tariffs on Russia that may lead to more Russian fuel exports.
Brent Crude Falls
Brent crude futures fell $1.43, or 1.30%, to $108.43 a barrel by 2340 GMT after settling at its highest since May 19 on Friday.
West Texas Intermediate Drops
US West Texas Intermediate crude was at $100.88 a barrel, down 53 cents, or 0.52%.
Trump Waives Sanctions
Trump signed an executive order on Friday waiving key sanctions and tariffs under the law known as the Graham Act, which he signed last month at the urging of lawmakers who want to pressure Moscow…
Rubio's Assessment
Secretary of State Marco Rubio said the president will use up to 60 days to assess the economic impact of the waiver.
Ukraine Reaction
Ukrainian President Volodymyr Zelenskiy said these US actions will hurt Ukraine.
The main idea
Oil prices dropped as Trump waived sanctions on Russia, potentially increasing Russian fuel exports.
