Oil Falls After President Trump Waives Sanctions Against Russia

Dow Jones10-19 15:31

0731 GMT - Oil prices slide after President Trump waived some sanctions and tariffs on Russia, with Brent crude falling 2.3% to $107.36 a barrel in early European trading. The November WTI futures contract--which expires Tuesday--is down 1.8% to $99.57 a barrel, while the December contract declines 2.1% to $96.97. "The retreat reflects changing supply expectations after President Trump announced temporary relief from Russia-related energy sanctions and tariffs, potentially allowing additional Russian diesel exports to reach international markets," says Naeem Aslam from Zaye Capital Markets. Still, continued tanker attacks in the Strait of Hormuz and high shipping costs limit sustained price declines, keeping the geopolitical risk elevated.

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