Written by: Salma Al-Saqqa
Oil prices witnessed a decline in early Asian trading, against the backdrop of the US administration's decision to ease some sanctions and customs duties imposed on Russia, a move expected to contribute to boosting Russian fuel exports to global markets.
Decrease in Brent and West Texas Futures
Brent crude futures recorded a decline of $1.06, reaching 0.96 percent, with the price per barrel settling at $108.80, after closing in the previous session at its highest level recorded since May 19th. In the same context, US West Texas Intermediate crude fell by 23 cents, recording a decrease of 0.23 percent, reaching the level of $101.18 per barrel.
Executive Order Suspending Russian Oil Restrictions
This decline in the markets came after US President Donald Trump signed an executive order suspending the application of sanctions, restrictions, and customs duties targeting Russian oil sector revenues. This decision comes just a few weeks after he signed a previous law that gives him broad powers to impose these exceptional measures on entities that buy oil and gas from Russia.
